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IAS Plus Newsletter – G20: Implications for IFRSs

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15 Apr 2009

We have reported previously on the Declaration on Strengthening the Financial System issued by the leaders of the Group of 20 (G20) following their meeting in London on 2 April 2009. Those declarations address reforming the regulation of the global financial sector, including strengthening transparency and accountability, enhancing sound regulation, promoting integrity in financial markets, and reinforcing international cooperation.

To help achieve those goals, the G20 report calls on the accounting standard setters to improve standards for determining the fair values of financial instruments in illiquid markets and to take other actions regarding complexity of financial reporting, provisioning, and off balance sheet financing, among other matters. Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – G20: Implications for IFRSs (PDF 100k). The newsletter focuses in depth on G20 issues that affect financial reporting and highlights areas in which the International Accounting Standards Board and IASC Foundation Trustees are already active or have announced plans to address the G20's recommendations. The newsletter also discusses the accounting-related recommendations of two working groups that the G20 established in November 2008:
  • Working Group 1: Enhancing Sound Regulation and Strengthening Transparency
  • Working Group 2: Reinforcing International Cooperation and Promoting Integrity in Financial Markets
Click for our G20 Resources page.
Past issues of all IAS Plus newsletters are Here.

 

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