London (Feb. 13, 2004) -- The chairman of the oversight body of the International Accounting Standards Board announced plans to form a consultative group made up of senior officials from European banking, securities and insurance regulators, as well as from the accounting, banking and insurance industries, to advise the IASB.

Paul Volcker, chairman of the International Accounting Standards Committee Foundation Trustees, said the new group will focus on certain basic issues related to the application of accounting standards to financial institutions. Volcker said the idea grew out of the group’s discussions with the European Commission, which is invited to participate in the consultative group’s discussions as an observer.

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