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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 to meet their target of issuing standards on key convergence projects by mid-2013, at the latest.

     

    Related news

    • 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 14, 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.

    • UNCTAD releases report on corporate governance reform

    • Mar 28, 2011

    • The United Nations Conference on Trade and Development (UNCTAD) has released 'Corporate Governance in the Wake of the Financial Crisis – Selected international views', a compilation of perspectives on the corporate governance-related causes and remedies of the global financial crisis.

    • G20 reiterates support for global accounting standards

    • Nov 12, 2010

    • Following their summit meeting in Seoul on 11-12 November 2010, the leaders of the G20 group of nations have issued a Declaration reaffirming their support for a single set of global accounting standards as a means for strengthening the global financial market infrastructure.

    • G20 reiterates support for global accounting standards

    • Jun 28, 2010

    • Following their summit meeting in Toronto on 26-27 June 2010, the leaders of the G20 group of nations have issued a Declaration reaffirming their support for a single set of global accounting standards as a means for strengthening the global financial market infrastructure.

    • IFAC urges G-20 to adopt global standards

    • Jun 26, 2010

    • The International Federation of Accountants (IFAC) has submitted a Series of Recommendations for consideration by the G-20 at its meeting on 26-27 June 2010 in Toronto, Canada.

    • IASB and FASB update G20 on project timetables

    • Jun 24, 2010

    • The IASB and FASB have submitted to the G20 leaders a Progress Report on Commitment to Convergence of Accounting Standards and a Single Set of High Quality Global Accounting Standards.

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