The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) just announced the membership of the Financial Crisis Advisory Group (FCAG).

The FCAG, which is the high-level advisory group that was previously set up by the boards to consider financial reporting issues that result from the global financial crisis, comprises recognized leaders from the fields of business and government that have a broad range of experience in international financial markets.

The FCAG will be jointly chaired by Harvey Goldschmid, former Commissioner, U.S. Securities and Exchange Commission (U.S. SEC), and Hans Hoogervorst, Chairman, AFM (the Netherlands Authority for the Financial Markets).

Membership of the FCAG is as follows:
-- John Bogle, Founder, Vanguard, United States
-- Jerry Corrigan, Goldman Sachs and former President of the New York Federal Reserve Bank, United States
-- Fermin del Valle, former President, IFAC, Argentina
-- Jane Diplock, Chairman, IOSCO Executive Committee, New Zealand
-- Raudline Etienne, Chief Investment Officer, New York State Common Retirement Fund
-- Stephen Haddrill, Director General, Association of British Insurers, U.K.
-- Toru Hashimoto, former Chairman, Deutsche Securities, Japan
-- Nobuo Inaba, former Executive Director, Bank of Japan, Japan
-- Gene Ludwig, former Controller of the Currency, United States
-- Yezdi Malegam, Board Member, National Reserve Bank of India, India
-- Klaus-Peter Muller, Chairman of the Supervisory Board, Commerzbank, Germany
-- Don Nicolaisen, former Chief Accountant, U.S. Securities and Exchange Commission, United States
-- Wiseman Nkuhlu, Chairman of the Audit Committee, AngloGold Ashanti; former Economic Advisor to the President of the Republic of South Africa
-- Tommaso Padoa-Schioppa, former Finance Minister, Italy
-- Lucas Papademos, Vice-President, European Central Bank
-- Michel Prada, former Chairman, Autorite des marches financiers, France

-- Basel Committee of Banking Supervisors
-- Committee of European Securities Regulators
-- International Association of Insurance Supervisors
-- Japan Financial Services Agency
-- U.S. Securities and Exchange Commission
-- Nelson Carvalho, IASB SAC Chairman, Brazil
-- Dennis Chookaszian, Chairman, FASAC

United States Recommendations from the advisory group will be jointly considered by the two boards, according to the joint release. Any decisions to act upon the recommendations will be subject to appropriate and thorough due process.

"I am grateful to the members of the Financial Crisis Advisory Group for agreeing to participate in this critically important initiative," said Harvey Goldschmid, joint chairman of the FCAG said. "There is much to be considered and we will proceed as quickly as possible with an understanding these are complex issues with large public policy stakes and many interdependencies. There are likely to be few quick fixes"

"The Financial Crisis Advisory Group has an important role to play in assisting the two boards with their deliberations. " Hans Hoogervorst, joint chairman of the FCAG said. "The diversity and seniority of the group will help to ensure that any enhancements to financial reporting are considered in the context of the broader financial system and measured against a benchmark of enhancing investor confidence."

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