G20 reiterates support for global accounting standards

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28 Jun 2010

Following their summit meeting in Toronto on 26-27 June 2010, the leaders of the G20 group of nations have issued a Declaration reaffirming their support for a single set of global accounting standards as a means for strengthening the global financial market infrastructure.

Unlike the G20 leaders' Declaration in September 2009 following their Pittsburgh summit, this new Declaration does not make reference to a June 2011 deadline. The G20 was first organised in the wake of the Asian financial crisis of the late 1990s. With the onset of the global financial crisis in 2008, the G-20 has become the principal forum to lead global efforts to stem the crisis and mitigate its effects. Below is an excerpt from the Declaration following the Toronto summit. Click here to go to our Credit Crunch Page.

Financial Sector Reform

We agreed to strengthen financial market infrastructure by accelerating the implementation of strong measures to improve transparency and regulatory oversight of hedge funds, credit rating agencies and over-the-counter derivatives in an internationally consistent and nondiscriminatory way. We re-emphasized the importance of achieving a single set of high quality improved global accounting standards and the implementation of the FSB's standards for sound compensation.

Accounting Standards

We re-emphasized the importance we place on achieving a single set of high quality improved global accounting standards. We urged the International Accounting Standards Board and the Financial Accounting Standards Board to increase their efforts to complete their convergence project by the end of 2011.

We encouraged the International Accounting Standards Board to further improve the involvement of stakeholders, including outreach to emerging market economies, within the framework of the independent accounting standard setting process

Click for G20 Leaders Declaration (PDF 509k).

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