G8 finance ministers endorse international accounting standards

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19 May 2003

Finance ministers from the Group of Eight large developed nations met in Deauville, France, on 17 May 2003 to discuss the challenges to their own economies and, more broadly, global economic growth.

The meeting resulted in a Statement (PDF 10k) backing, among other things, the development of international accounting standards as a means to bolster investor confidence: "We favour the emergence, through open and public processes involving the private sector, of high-quality internationally recognized accounting standards that are applied, interpreted and enforced, with due regard to financial stability concerns." The finance ministers' meeting is a prelude to a summit of the G8 heads of state and government that will take place on 1 to 3 June at Evian. The G8 countries are Canada, France, Germany, Italy, Japan, Russia, United Kingdom, and United States.

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