Section 6 of the report deals with accounting standard convergence.  This section considers progress with adoption of IFRSs in the various G20 jurisdictions, discusses the IASB-FASB convergence process, and reports on improvements to the governance of the IASB.

The report covers the outcome of the joint IASB-FASB project on offsetting in some detail, noting the Boards had decided to retain their existing requirements and instead implement additional disclosures.  The report goes on to note:

The FSB noted that differences in the offsetting/netting accounting standards would adversely affect the efforts to develop an internationally comparable leverage ratio for capital purposes. However, from a bank supervisory perspective, there may be more convergence for the Basel III leverage ratio purpose than is first apparent. While the IASB and FASB have decided to maintain their different accounting rules for netting/offsetting, the FASB netting approach and the netting approach that will be carried forward to the Basel III leverage ratio are similar in  their effect because both recognise netting/offsetting for derivatives based on legally enforceable master netting agreements without requiring the intent or ability to net in the normal course of business.

Click for access to the report (link to FSB website).