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IASB issues responses to G20 recommendations

The International Accounting Standards Board (IASB) has responded to the recommendations reached at the G20 Leaders Summit held in Cannes, France, this month.

At the most recent meeting 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.

They also called for 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.

The IASB has issued its progress report on the back of the meeting covering different areas of interest, which are consistent with the G20 recommendations. The standard setter has:

  • Completed its review of off balance sheet financing, resulting in amendments to IFRS 7 Financial Instruments: Disclosure and the issuance of three new standards, IFRS 10 Consolidated financial statements, IFRS 11 Joint arrangements and IFRS 12 Disclosure of interests in other entities;
  • Completed its reform of fair value measurement requirements, resulting in a new standard, IFRS 13 Fair value measurement;
  • Completed the first phase of the reform of financial instruments accounting by issuing IFRS 9 Financial instruments addressing classification and measurement, introducing additional disclosure requirements for financial assets and financial liabilities subject to offsetting arrangements and is mid-way through completing the phases addressing impairment and hedge accounting;
  • Completed the majority of projects described by its Memorandum of Understanding with the FASB, and prioritised the completion of the three remaining MoU projects and the joint Insurance Contracts project to a high standard; and,
  • Significantly enhanced its outreach and stakeholder engagement activities, with particular reference to the needs of emerging economies.

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