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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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December 31, 2008 11:55 AM ET
International and U.S. accounting standard-setters announced the members of a new advisory panel that will help them wrestle with financial reporting issues arising from the global financial crisis. In an announcement released on Tuesday, the International Accounting Standards Board and the Financial Accounting Standards Board said that the new panel, the Financial Crisis Advisory Board, would be chaired by Harvey Goldschmid, former commissioner of the U.S. Securities and Exchange Commission and currently a law professor at Columbia University, and Hans Hoogervorst, chairman of the Netherlands Authority for the Financial Markets. Plans to form such a board were announced in October. Other members of the panel include John Bogle, founder of Vanguard; Jerry Corrigan, vice chairman of Goldman Sachs and former president of the Federal Reserve Bank of New York; Jane Diplock, chairman of the International Organization of Securities Commissions; Nobuo Inaba, former executive director of the Bank of Japan; Gene Ludwig, former U.S. comptroller of the currency; Donald Nicolaisen, former SEC chief accountant; Tomasso Padoa-Schioppa, former finance minister of Italy; and Lucas Papademos, vice president of the European Central Bank, among others. Named as observers of the advisory board’s work were the Basel Committee of Banking Supervisors; the Committee of European Securities Regulators; the International Association of Insurance Supervisors; the Japan Financial Services Agency; the SEC; Nelson Carvalho, chairman of the IASB Standards Advisory Council; and Dennis Chookaszian, chairman of the Financial Accounting Standards Advisory Council. The issues to be discussed by the panel will range from fair-value accounting and other reporting questions related to “market disruption” to the priorities and independence of the standard-setting process, according to the release. “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,” Mr. Goldschmid was quoted as saying. “There are likely to be few quick fixes.” While FASB and IASB have been under pressure from the banking industry and financial regulators to relax fair-value accounting rules, the issue was not necessarily a priority for the panel’s consideration, FASB spokesman Neil McGarity said in an interview. Asked about the mix of representatives on the new panel, Mr. McGarity said its members and observers constituted “a pretty well-balanced crew.”
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