G20 finance ministers will watch convergence efforts

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16 Apr, 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.

The final communiqué states:
"We will review at our next meeting progress made by the IASB and FASB towards completing their convergence project by the end of 2011 and look forward to the outcome of the ongoing IASB governance review process."

The full communiqué is available on the French Department of Trade and Industry's website.

Following this week's joint IASB-FASB meeting, Sir David Tweedie and Leslie Seidman had conceded that they need to extend the timetable for several of their projects. They maintained, however, that they intend to finish the convergence programme by end of 2011. See our previous article for more details.

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