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

  • 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.