Financial Reporting / International

For the fourth time in less than two years, the Group of 20 (G-20) leaders called for a single set of global accounting standards and urged FASB and the IASB to complete their convergence projects.


“We re-emphasized the importance we place on achieving a single set of high quality improved global accounting standards,” said the group’s joint declaration following a June summit in Toronto.


The G-20 statement appeared to accept the standard setters’ revised timeline, which previously was scheduled to end in June 2011 but has now been extended through the end of 2011 to accommodate stakeholder concerns over the complexity and large volume of new proposals being released for public comment.


“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,” the G-20 leaders said. The full text of the G-20 declaration is available at


The next G-20 Summit will be held in Seoul, South Korea, Nov. 11–12.


More from the JofA:


 Find us on Facebook      Follow us on Twitter



Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.