The Report of the Financial Crisis Advisory Group

Advice to Standards Setters

Robert Bloom, PhD, and David Schirm, PhD

The Financial Crisis Advisory Group (FCAG) was a global group of senior executives created to counsel the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on the standards-setting implications of the recent worldwide financial crisis. Harvey Goldschmid, a law professor at Columbia university and former SEC commissioner, and Hans Hoogervorst, chairman of the Netherlands Authority for the Financial Markets, served as cochairs of this blueribbon group. The FCAG held several meetings in London and New York with FASB and IASB members, and requested comments from concerned parties on the impact of the crisis on development of accounting standards.