G-20 Recommends Specific Actions

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By Edith Orenstein, FEI Financial Reporting Blog - The Declaration issued at the conclusion of the Nov. 14-15, 2008 G-20 Summit on Financial Markets and the Economy laid out specific actions to be taken by accounting standard–setters, regulators, finance ministers and others, some of which are to be accomplished by March 31, 2009. The areas of focus the G-20 ask accounting standard setters to address include valuation and disclosure of complex financial instruments- especially in times of stress, accounting and disclosure for off-balance sheet vehicles, and enhancing governance of the International Accounting Standards Board. Finance ministers are also directed to address, in consultation with other existing bodies, issues including mitigating procyclicality in regulatory policy, and reviewing and aligning global accounting standards, particularly in the area of complex securities.
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