IASB announces next steps in response to credit crisis The IASB has already taken a number of actions to address issues related to the credit crisis. In publishing additional steps, the IASB reaffirms its commitment as a standard-setter to bring transparency to investors and other users of financial statements. In responding to the credit crisis, the IASB recognises the need to clarify International Financial Reporting Standards (IFRSs) to address new market developments. The IASB's response has primarily focused on the recommendations of the Financial Stability Forum (FSF), which had the support of the Group of Seven (G-7) Finance Ministers. (A summary of the IASB's response to the FSF is included in the Notes to Editors.) Related documents The IASB is closely monitoring developments in the United States and other jurisdictions to avoid unnecessary inconsistencies in accounting treatments under IFRSs and US generally accepted accounting principles (GAAP). In doing so, the IASB commits to undertake the following: 1. Consistency of fair value measurement guidance between IFRSs and US GAAP : On 16 September, the IASB staff issued draft guidance on fair value measurement of financial instruments in markets that are no longer active. The IASB notes the recent clarification made by the Office of the Chief Accountant of the US Securities and Exchange Commission (SEC) and the staff of the Financial Accounting Standards Board (FASB). The clarification is not an amendment of SFAS 157 Fair Value Measurements, but rather provides additional guidance for determining fair value in inactive markets. The IASB