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 tinyurl.com/24sf9tl.

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

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