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Group of 20 (G20)


Background

The "Group of 20" (G20) is made up of the finance ministers and central bank governors of 19 countries and the European Union: Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, United Kingdom and United States of America.


    The G20's involvement in financial reporting

    The G20 meets regularly to discuss matters of common interest. As a result of the global financial crisis, the G20 began to explore ways to improve the global financial system, including regulations related to financial reporting and institutions.

    The G20 has for some time called for the global convergence of accounting standards and has supported the IASB-FASB convergence process.  The G20 is currently supporting the efforts of the IASB and FASB and has called for the boards to complete their key convergence projects by the end of 2013.