The International Accounting Standards Board said it is taking steps in conjunction with the U.S.'s Financial Accounting Standards Board to address the crisis in the credit markets.

The IASB said it recognizes the need to clarify International Financial Reporting Standards to address market developments. It plans to work with FASB on developing a common approach to the valuation of assets that could be purchased under the Treasury Department's financial rescue plan, which Congress approved on Friday.

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