G20 finance ministers and Central Bank governors have called for the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) to finalise their joint convergence projects by the end of 2013.
The call for the two standard setters to finalise their work on "key outstanding projects for achieving a single set of high-quality standards by the end of 2013" came at a meeting in Washington on18-19 April where the also group discussed the global economic outlook and general international financial architecture reform.
The attendees also responded to a progress report from the Financial Stability Board (FSB) saying the participants "noted the progress in implementation of over the counter regulatory reforms and committed to complete the remaining legislative and regulatory frameworks for these reforms."
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