The review comes amid concerns about the potential decline in legitimate advertising opportunities, after the introduction of new rules banning the advertising of foods that are high in salt, sugar and fat during programmes aimed at children.
Commercial broadcasters have forecast that these bans could cost up to £40 million in lost advertising revenue and have a knock-on effect on the quality and quantity of children's programming.
Ian Twinn, the director of public affairs at ISBA, said: "If advertising is restricted, so much that no-one dares advertise anymore, then there isn't any money to make good quality content."
ITV, which is currently lobbying Ofcom for a reduction in the mandatory quota of children's programming it is required to air, has also come under criticism for closing its children's production arm last year. An ITV spokes-woman said the broadcaster was still committed to children's programming.