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G20 leaders urge 'international standards'

01 Apr 2010

The leaders of Canada, France, Korea, United Kingdom, and United States have sent a Joint Letter to the other leaders of the G20 countries highlighting the need for continued cooperation on the regulatory reform agenda to strengthen the international financial system that they agreed to at their summit meeting in Pittsburgh in September 2009.

The Statement (PDF 102k) that was issued following the Pittsburgh summit set out, as one of many goals, complete convergence of accounting standards across the G20 member nations by June 2011. In their new letter, the five leaders reiterate their call for adoption of international standards and for peer reviews to evaluate compliance.
An excerpt:

Collectively we have been making steady progress toward stabilizing and strengthening the global financial system by fortifying prudential oversight, improving risk management, promoting transparency, and reinforcing international cooperation. While confidence in the financial system has improved, more work is required to restore the soundness of some global banks' balance sheets, to avoid leaving the global financial system vulnerable and restricting its ability to provide the credit needed to fuel sustainable economic growth....

There can be no let up in our commitment to... implementing international standards and agreeing to undergo periodic peer reviews to evaluate our adherence to these standards.

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