RegulationAccounting StandardsG20 stands by international standards

G20 stands by international standards

Toronto summit backs international standards but eases pressure on timetable

Sir David Tweedie, chairman of the International Accounting Standards Board

The G20 group of countries has once again given its support for international
accounting standards as it gathered for its latest meeting in Toronto at the
weekend.

A communique issued by the summit said yesterday said: “We re-emphasized the
importance of achieving a single set of high quality improved global accounting
standards.”

However, the G20 has gone some way to relieve the pressure on the convergence
project for US and international standards by making no reference to the urgency
of the project. Earlier statements said the key players in convergence should ”
re double” their efforts to meet a June 2011 deadline.

The International Accounting Standards Board has made it clear to G20 that
some of its projects will not make cut-off point.

The G20 has stated its support for a single set of standards since it started
meeting to tackle the global financial crisis.

However, much of the meeting was centered on the approach to fiscal
discipline. The US is viewed as supporting further government spending while
many European states, including the UK, are focused on cutting Budget deficits.

Read more:

IASB
awaits G20 convergence verdict

IASB
seeks convergence delay

IASB
consistent with G20

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