These reforms included but were not limited to:  tightening banking laws and regulations designed to constrain undue bank risk-taking and inappropriate insider dealings;  upgrading bank supervision and examination systems;  providing liquidity through the central bank to prevent bank illiquidity problems from turning into insolvencies; and  intervening to resolve failing banks.
IASB GAAP has many similarities with U.S. GAAP and the IASB plans to propose extensive enhancements to its standards later this year. The Federal Reserve has long supported sound accounting policies and meaningful public disclosure by banking and financial organizations with the objective of improving market discipline and fostering stable financial markets.