Editing Financial Accounting Standards Board (section)

=== Financial Crisis Advisory Group (FCAG) ===
The FASB and the [[International Accounting Standards Board]] created the Financial Crisis Advisory Group in 2008—an international group of standard-setting bodies—that coordinated responses "on the future of global standards in light of" the [[2008 financial crisis]].<ref name="FCAG_2009_Haddrill">{{citation |url=http://www.accountancyage.com/aa/news/1778629/dont-mix-politics-standards-haddrill|title=Don't mix politics and standards, says Haddrill] |work=[[Accountancy Age]] |date=February 26, 2009 |access-date=April 26, 2016 |first=Kevin |last=Reed}}</ref> The FCAG was composed of 15–20 senior leaders in finance and chaired by Harvey Goldschmid and Hans Hoogervorst with a mandate to investigate financial reporting issues uncovered by the [[2008 financial crisis]]. FCAG members included [[Stephen Haddrill]] and [[Michel Prada]]—a member of the [[International Centre for Financial Regulation]] (ICFR) and co-chair of the Council on Global Financial Regulation was a member of the Financial Crisis Advisory Group.<ref name=GPPS>{{cite web |url=http://www.globalpublicpolicysymposium.com/bios/prada_michel.htm |title=Michel Prada Chairman, Autorité des Marchés Financiers (France) |work=Global Public Policy Symposium |access-date=2011-06-07 |archive-url=https://web.archive.org/web/20081121202355/http://www.globalpublicpolicysymposium.com/bios/prada_michel.htm |archive-date=2008-11-21 }}</ref><ref name=ICSA>{{cite web |url=http://www.icsa2010agm.com/michel-prada-19-66.aspx |title=Michel Prada |publisher=International Council of Securities Associations |access-date=2011-06-07 |archive-url=https://web.archive.org/web/20110714043711/http://www.icsa2010agm.com/michel-prada-19-66.aspx |archive-date=2011-07-14 }}</ref> Haddrill who was the only UK representative on the FCAG, is CEO of the [[Financial Reporting Council]] (FRC) in the [[United Kingdom]] and has a close interest in [[accounting standards]].<ref name="FCAG_2009_Haddrill"/>

The FCAG issued a report in July 2009 finding, among other things, that the FASB and SEC had been pressured by politicians and banks to change accounting standards to protect banks from the impact of their toxic mortgages.<ref name="FCAG_2009_Haddrill"/><ref name="McGinty_2009">{{citation |last=McGinty |first= T |title=Panel Assails Meddling Into FASB Rules Making |work=Wall Street Journal via EBSCO|date=July 29, 2009 }}</ref><ref name="toxic_USA_today_2009">{{citation |last=Pallavi |first=Gogoi |title=Accounting rule that put banks in a bind dumped |work=USA Today via EBSCO |date=April 3, 2009 }}</ref> Just prior to the report to the [[G20]], and in reference to the political pressure placed on standards setters "to make changes to fair value accounting rules over suggestions that it exacerbated the financial crisis" Haddrill cautioned, "Who do we want to set accounting standards? Not politicians, that's clear. But neither do we want experts vacuum-packed in a world of their own."<ref name="FCAG_2009_Haddrill"/>