The disclosure requirements of International Financial Reporting Standards are being brought more closely into line with US standards. The move by the International Accounting Standards Board comes in response to the calls of policymakers, investor groups and other interested parties. As part of the IASB's response to the financial crisis and the G20 conclusions to improve transparency, the IASB has published amendments to improve the disclosure requirements regarding fair value measurements and reinforce existing concepts for disclosures concerning the liquidity risk associated with financial instruments. Discussions between members of the IASB's Expert Advisory Panel on measuring and disclosing fair values of financial instruments during inactive markets were also reflected in the amendments. The amendments made to IFRS 7 Financial Instruments: Disclosures introduce a three-level hierarchy for fair value measurement disclosures, and require entities to provide additional disclosures about the reliability of fair value measurements. Chairman of the IASB Sir David Tweedie said that the financial crisis has proved the importance of the need for a clear understanding of how entities determine the fair value of financial instruments, particularly when only limited information is available. 'The additional disclosure requirements and the three-level hierarchy will help to increase the clarity of the information. The amendments will also enhance the disclosures about the liquidity risks associated with financial instruments. The proposals build on the advice we have received from the IASB's Expert Advisory Panel,' he said.