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IASCF Trustees letter to G20 Heads of State

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13 Nov 2008

The Trustees of the IASC Foundation (IASCF) have sent a letter to participants at the upcoming G20 Meeting on 15 November in Washington, DC.

The letter, which was signed by IASCF Chairman Gerrit Zalm,

  • informs the leaders of G20 countries of the role that the IASB is playing in addressing issues emanating from the credit crisis, and
  • outlines steps being taken to enhance the public accountability of the IASCF.

The Trustees wrote the letter because issues of accounting standards and the credit crisis and the governance of the IASB may be on the meeting's agenda. Click to download the Trustees' letter to the G20 (PDF 416k). Here is an excerpt:

Most of the world's developed and emerging economies – including nearly all of the G20 members – have made commitments to IFRSs. The IASB has been actively engaged in promoting common standards over the world and in particular in ensuring convergence among major economies. The success so far achieved should not be compromised by actions that would weaken the independence of the standard-setting process....

My fellow Trustees and I understand the extraordinary circumstances facing policymakers today. Our organisation is committed to acting in an urgent and responsible manner to help restore confidence in financial markets. Broad international adoption of IFRSs, combined with the actions described above, means that the IASB is helping to ensure a globally consistent response on financial reporting issues. We urge the G20 nations to support our efforts in a manner that reinforces the IASB's efforts and the organisation's independence.

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