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G20 finance ministers and central bank governors drop accounting convergence from their communiqué

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Feb 24, 2014

In past years, in the final communiqués published after its summits, the Group of 20 (G20) would call for convergence of accounting standards. However, the communiqué published after the February 22−23, 2014, meeting of G20 finance ministers and central bank governors in Sydney does not contain such an appeal.

The communiqués usually included a paragraph similar to that issued after the 2013 G20 summit in St. Petersburg: “We underline the importance of continuing work on accounting standards convergence in order to enhance resilience of financial system. We urge the International Accounting Standards Board and the US Financial Accounting Standards Board to complete by the end of 2013 their work on key outstanding projects for achieving a single set of high-quality accounting standards.” However, the communiqué published after the G20 finance ministers and central bank governors meeting in Sydney is silent on the topic.

Recent FASB/IASB decisions in January and February 2014 leave only two of the four major convergence projects remaining on the boards' convergence agenda — revenue recognition (currently expected to be finalized toward the end of the first quarter of 2014) and leases (no timing is available yet; redeliberations will resume in March).

Please click for the communiqué on the G20's Web site.

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