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G20 leaders support global accounting standards

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07 Apr 2009

The Communiqué Issued by the Leaders of the Group of 20 (G20) following their meeting in London on 2 April 2009 calls on "the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and achieve a single set of high-quality global accounting standards".

This recommendation builds on the recommendation in the Final Report of G20 Working Group 1 Enhancing Sound Regulation and Strengthening Transparency (PDF 720k), issued 25 March 2009, which also recommends adoption of a single set of accounting standards globally. The report also recommends greater involvement of representatives of emerging market economies in the IASCF/IASB structure.

Recommendation 23: The IASB should enhance its efforts to facilitate the global convergence towards a single set of high-quality accounting standards by sharing the experience of countries that have completed this process and by providing technical assistance. — Responsibility: IASB — Timeline: Fall 2009 — Monitoring: Expanded FSF

The long-term benefits likely to result from the use of a harmonized set of international accounting standards are considerable, in particular from a market transparency and cost perspective. While adapting IFRS according to national circumstances rather than fully complying with them may be appropriate in some cases to take into account country-specific characteristics of markets, it also voids some of the benefits of a global set of accounting standards.

The Working Group recommends that the IASB facilitate the transition towards a single set of high-quality global standards globally by sharing the experience of countries that have completed this process and by providing global assistance.

Click for Communiqué Issued by the Leaders of the G20 (PDF 174k).

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