G20 reaffirms commitment to global accounting standards

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06 Jun, 2010

In a communique released after their meeting in Busan, Korea on 4-5 June 2010, the Group of 20 finance ministers and central bank governors reaffirmed their support of a single set of global accounting standards.

The communique said:

[We express] the importance we place in achieving a single set of high quality, global accounting standards and urged the International Accounting Standards Board and the Financial Accounting Standards Board to redouble their efforts to that end. We encouraged the International Accounting Standards Board to further improve involvement of stakeholders.

The G-20 was established in 1999, in the wake of the 1997 Asian financial crisis, to bring together major advanced and emerging economies to stabilise the global financial markets. Since its inception, the G-20 has held annual Finance Ministers and Central Bank Governors Meetings and discussed measures to promote the financial stability of the world and to achieve a sustainable economic growth and development. Click to download:

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