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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.

     

    Related news

    • OECD considers country-by-country reporting as part of tax transparency initiative

    • Oct 17, 2013

    • The Organisation for Economic Co-operation and Development (OECD) has released a summary of issues associated with country-by-country reporting by taxpayers responding to a particular aspect of a joint G20/OCED project investigating the fairness and integrity of global tax systems. The report follows the endorsement by the G20 of the OECD 'Action Plan on Base Erosion and Profit Shifting' (BEPS), the outcomes of which are aimed to be implemented by the end of 2015. The summary of issues explores various considerations arising in developing an internationally accepted and applied 'template' for country-by-country reporting as a part of transfer pricing documentation, and considers accounting requirements and other information as the base for the information which might be included in the template.

    • G20 continues calls for convergence

    • Sep 09, 2013

    • The Group of 20 (G20) has released its G20 Leaders' Declaration and accompanying documents from the G20 Leaders' summit held in St. Petersburg on 5-6 September 2013. Focused on the theme of "cooperation, coordination and confidence", which aims for a stronger and sustainable growth to end the global financial crisis, the Declaration also discusses again the need for convergence of accounting standards.

    • FSB takes stock after five years: Convergence of accounting standards still 'amber'

    • Sep 02, 2013

    • In preparation for the upcoming G20 Leaders' Summit, the Financial Stability Board (FSB) has released several reports about progress in connection with the fundamental reform of the global financial system initiated by the G20 in 2008. One of the developments that is facing 'difficulties in meeting its objective and/or timeline' is achieving a single set of high quality global accounting standards.

    • Non-financial reporting will actively contribute to a new, more responsible corporate world, says Barnier

    • May 24, 2013

    • The European Commissioner for Internal Market and Services, Michel Barnier, spoke at the Global conference on sustainability and reporting in Amsterdam which also saw the launch of the new G4 guidelines developed by the Global Reporting Initiative (GRI). Barnier highlighted the measures taken by the Commission to promote long-termism in the corporate sector which also include a recent proposal on non-financial reporting.

    • IASB chairman encourages Indonesia to fully adopt IFRSs

    • Mar 18, 2013

    • Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), recently spoke at an international seminar on “IFRS Dynamics 2013 and Beyond: Impact to Indonesia” organised by the Indonesian Institute of Accountants (Ikatan Akuntan Indonesia, IAI). He encouraged Indonesia that currently follows a gradual convergence process to fully embrace IFRSs.

    • EMIR technical standards enter into force

    • Mar 17, 2013

    • The European Market Infrastructure Regulation (EMIR) was passed in 2012, but most provisions only apply after technical standards enter into force. Technical standards on OTC derivatives, reporting to trade repositories and requirements for trade repositories and central counterparties entered into force on 15 March 2013. EMIR gave rise to the IASB's project on the novation of derivatives as EMIR brings about hedge accounting questions.

    • IASB proposes urgent amendments to hedge accounting to respond to G20 OTC initiatives

    • Feb 28, 2013

    • The International Accounting Standards Board (IASB) has issued ED/2013/2 'Novation of Derivatives and Continuation of Hedge Accounting'. The exposure draft proposes changes to IAS 39 and the forthcoming hedge accounting chapter of IFRS 9 to permit the continuation of hedge accounting where hedging instruments are novated to a central counterparty in accordance with laws or regulations introduced by jurisdictions to implement the G20's agreed reforms around over the counter (OTC) derivatives. As a number of jurisdictions are currently considering implementing these laws, the IASB is proposing an urgent amendment and has set a 30 day comment period.

    • Hoogervorst outlines thoughts on leases, US convergence and more

    • Nov 07, 2012

    • IASB Chairman Hans Hoogervorst has discussed a broad range of issues over recent days. Key themes emerging include challenges in some of the IASB projects such as leases with its lobbying efforts against the proposals, global adoption of IFRS including in the United States, accountability arrangements for standard setting and future priorities, including the possibility of revisiting the accounting for goodwill.

    • G20 Ministers of Finance and Central Bank Governors 'concerned' about convergence

    • Nov 06, 2012

    • A communiqué has been released outlining the outcomes of a meeting of the Ministers of Finance and Central Bank Governors of the Group of 20 (G20), which was held in Mexico City on 4-5 November 2012. The communiqué notes 'concern about the slow progress achieved toward a single set of high quality accounting standards'.

    • G20 continues convergence push, signals support for Rio+20

    • Jun 20, 2012

    • The Group of 20 (G20) has released a Leaders Declaration and supporting documents from the G20 Leaders Summit held in Los Cabos, Mexico on 18-19 June 2012. The declaration includes reference to convergence of accounting standards, and reaffirming a commitment to sustainable development at the 2012 United Nations Conference on Sustainable Development (Rio+20), which may endorse sustainability reporting.

    • ESMA Chairman Steven Maijoor urges US to decide on IFRS adoption soon

    • May 11, 2012

    • In a keynote speech delivered to the 35th Annual Congress of the European Accounting Association in Ljubljana on 9 May, Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA) urged his counterparts at the US Securities and Exchange Commission (SEC) to send a clear message about the adoption of IFRS in the US soon.

    • United States and China reaffirm commitment to global standards

    • May 11, 2012

    • U.S. Treasury Secretary Timothy Geithner and Chinese Vice Premier Wang Qishan held a meeting of the Economic Track of the Fourth U.S.-China Strategic and Economic Dialogue in Beijing on 4 May 2012. The Fact Sheet issued as a result of the meeting reaffirms a commitment to global accounting standards.

    • IFAC releases recommendations for G20

    • Oct 13, 2011

    • The International Federation of Accountants (IFAC) has provided a series of recommendations for consideration by the G20 at its meeting on 3-4 November 2011 in Cannes, France.

    • Private sector task force interim report to G-20

    • Jul 19, 2011

    • The Private Sector Task Force of Regulated Professions and Industries has published an interim report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G-20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

    • The IAS Plus Interviews – Sir David Tweedie, outgoing IASB Chairman

    • Jun 24, 2011

    • After ten years working to bring harmony and order in world financial reporting, Sir David Tweedie is standing down as Chair of the IASB. In a special interview with Robert Bruce for IAS Plus, Sir David Tweedie talks about his achievements, his battles, and his hopes for the future.

    • G20 finance ministers will watch convergence efforts

    • Apr 16, 2011

    • The G20 Finance Ministers and Central Bank Governors met in Washington DC on 14-15 April 2011. They agreed, among other things, to closely watch the progress of the IASB and FASB's convergence efforts.