The group athey also called for a Financial Stability Board to have authority to review and advise financial regulators and standard-setting bodies.
Their wish list includes:
- Progress towards a single set of high-quality global accounting standards;
- Reduction in complexity of accounting standards for financial instruments;
- Clarity and consistency in the application of valuation standards internationally;
- Independent standard-setters;
- Improved accounting standards for provisioning, off-balance-sheet exposures and valuation uncertainty;
- Improves involvement of stakeholders, including regulators and emerging markets, through the IASB’s constitutional review.