This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

G20 Finance Ministers and Central Bank Governors continue to call for convergence

  • Other international Image

Apr 20, 2013

The communiqué from the meeting of the G20 Finance Ministers and Central Bank Governors held in Washington on April 18–19, 2013, reiterates the call for the finalization of the joint IASB and FASB projects.

The participants discussed traditional G20 agenda, such as the global economy outlook and the efforts in connection with the international financial architecture reform as well as progress regarding the financial regulation agenda. The final communiqué contains the usual sentence urging convergence:

We reiterate our call on the IASB and FASB to finalize by the end of 2013 their work on key outstanding projects for achieving a single set of high-quality standards.

The meeting received a progress report from the Financial Stability Board (FSB), which followed up on a letter sent to the participants ahead of the meeting. Regarding the progress report, the FSR press release on the meeting notes:

[The participants] noted the progress in implementation of OTC regulatory reforms and committed to complete the remaining legislative and regulatory frameworks for these reforms.

A direct result of implementing these reforms is ED/2013/2, Novation of Derivatives and Continuation of Hedge Accounting, published by the IASB in February 2013. 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. In Europe, this concerns the Regulation on OTC derivatives, central counterparties, and trade repositories (also called European Market Infrastructure Regulation (EMIR)).

The following documents in connection with the meeting of the G20 Finance Ministers and Central Bank Governors are available:

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.