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.

 

More from the JofA:

 

 Find us on Facebook      Follow us on Twitter

 

SPONSORED REPORT

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.