Bankers urge common accounting rules

Members of the banking community are urging Prime Minister Gordon Brown to
drive the adoption of a common set of accounting standards ahead of next week’s
G20 summit in London.

William Rhodes, chairman and president of Citibank, said informal talks with
Brown covered areas considered important by bankers, including regulation and
accounting issues, according to

‘This crisis is a chance to do a lot of things that we have all been putting
off, in terms of necessary reforms,’ he said.

Rhodes said a common set of accounting standards that would apply worldwide
was needed, in addition to a global regulatory co-ordinating council.

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