The International Accounting Standards Board and its U.S. counterpart, the Financial Accounting Standards Board, plan to create a global advisory group to review financial reporting issues related to the credit crisis.

The group will include regulators, preparers, auditors, investors and other financial statement users. At a joint meeting on October 20 and 21, FASB and the IASB will discuss the initial topics that the advisory group will consider. "Recent statements from the G7 and other world leaders highlight the need for an internationally coordinated policy response to the credit crisis," said IASB Chairman Sir David Tweedie (pictured) in a statement.

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