Monday, September 28, 2009

US - G-20 calls for single set of global accounting standards by June 2011

In an agreement reached to make dozens of changes to the regulation of financial markets, systems and institutions, the leaders of the G-20 called on “international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process and complete their convergence project by June 2011.” The joint statement also said the International Accounting Standards Board's institutional framework should further enhance the involvement of various stakeholders. (Read the article "G-20: Achieve Single Set of Global Accounting Standards by June 2011" at JournalofAccountancy.com.)