Collaborative Risk Transparency
Why Now?

The Declaration of the Summit on Financial Markets
and the World Economy

For Immediate Release
Office of the White House Press Secretary
November 15, 2008

Strengthening Transparency and Accountability
Immediate Actions by March 31, 2009

  • The key global accounting standards bodies should work to enhance
    guidance for valuation of securities, also taking into account the valuation
    of complex, illiquid products, especially during times of stress.
  • Accounting standard setters should significantly advance their work to
    address weaknesses in accounting and disclosure standards for off-
    balance sheet vehicles.
  • Regulators and accounting standard setters should enhance the required
    disclosure of complex financial instruments by firms to market
    participants.
Counter

  • With a view toward promoting financial stability, the governance of the
    international accounting standard setting body should be further enhanced,
    including by undertaking a review of its membership, in particular in order to
    ensure transparency. With a view toward promoting financial stability, the
    governance of the international accounting standard setting body should be
    further enhanced, including by undertaking a review of its membership, in
    particular in order to ensure transparency, accountability, and an appropriate
    relationship between this independent body and the relevant authorities.

For further information see:
http://www.whitehouse.gov/news/releases/2008/11/20081115-1.html accountability,
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