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G20 reiterates commitment to global standards, focuses on financial instruments

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05 Nov 2011

The Group of 20 (G20) has released a Communiqué and supporting documents from the G20 Leaders Summit held in Cannes, France on 3-4 November 2011, which includes reference to global accounting standards, convergence and the governance of the IASB.

Many of the agreed outcomes are focused on global economic and other issues, and include agreed actions on implementing and deepening financial sector reforms. These include reference to global accounting standards, convergence and the governance of the IASB. Achieving convergence on financial instruments is singled out for particular attention and a report on the overall IASB-FASB convergence project is called for by April 2012.

The Cannes Summit Final Declaration includes the following observations in relation to accounting standards:

"We reaffirm our objective to achieve a single set of high quality global accounting standards and meet the objectives set at the London summit in April 2009, notably as regards the improvement of standards for the valuation of financial instruments. We call on the IASB and the FASB to complete their convergence project and look forward to a progress report at the Finance Ministers and Central Bank governors meeting in April 2012. We look forward to the completion of proposals to reform the IASB governance framework."

Other financial sector reforms cited include supervision of global systemically important financial institutions (G-SIFIs), regulation of banks (including 'shadow banking'), over-the-counter (OTC) markets and compensation practices, and reform of the Financial Stability Board (FSB).

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