The IASB has published an updated summary of its response to the G20 conclusions.
In 2009, the G20 published a report – Declaration on Strengthening the Financial System – assessing the progress against each of the 47 actions set out in the Washington Action Plan that formed part of their commitment to reform the financial sector. The progress report included a range of reforms to be undertaken by regulators, credit rating agencies and standard-setters.
The G20 called on the standard-setters to work with others to improve standards on valuation and provisioning and achieve a single set of high quality global accounting standards.
At subsequent summits in Pittsburgh (2009), Toronto (2010), Seoul (2010) and Cannes (2011) the G20 leaders reaffirmed their support for a single set of global accounting standards and for the completion of convergence of international and US accounting standards in pursuit of that objective.
Furthermore, the G20 leaders called on the IASB to further enhance cooperation with stakeholders, with particular emphasis on support for emerging economies and within the context of their independent standard-setting framework.