G20 leaders support global accounting standards
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".
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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).
