Commission chairman on int'l advisory group

News release
28 January 2009

Commission chairman on international advisory group

Securities Commission chairman Jane Diplock has been appointed to a high-level global advisory group looking at urgent financial reporting issues arising from the financial crisis.

The Financial Crisis Advisory Group was set up in December by the International Accounting Standards Board and the United States Financial Accounting Standards Board. Its purpose is to advise the boards about standards setting implications of the global financial crisis and potential changes to the global regulatory environment.

The group includes recognised international leaders from the fields of business, standards setting and regulation with a broad range of experience in international financial markets. Jane Diplock, also the chair of the Executive Committee of the International Organization of Securities Commissions, is the only representative from Australasia.

At its recent first meeting Jane Diplock emphasised that “restoring investor confidence should be the number one priority for standards setters when considering any changes to reporting standards”.

The advisory group will identify significant accounting matters for urgent consideration by the two boards as well as long-term issues and will report within six months.

ENDS

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