In 2009, the G20 published a report, 'Declaration on Strengthening the Financial System', assessing the progress against each of the 47 actions set out in the Washington Action Plan that formed part of their commitment to reform the financial sector. The progress report included a range of reforms to be undertaken by regulators, credit rating agencies and standard-setters. The G20 called on the standard-setters to work with others to improve standards on valuation and provisioning and achieve a single set of high quality global accounting standards.
At subsequent summits in Pittsburgh (2009), Toronto (2010), Seoul (2010) and Cannes (2011), 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.
Furthermore, the G20 leaders called on the IASB to enhance cooperation with stakeholders further, with particular emphasis on support for emerging economies and within the context of their independent standard-setting framework.
Consistent with the G20 recommendations, the IASB has:
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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'.
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Completed its reform of fair value measurement requirements, resulting in a new standard, IFRS 13 'Fair value measurement'.
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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.
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Completed the majority of projects described by its Memorandum of Understanding with the FASB, and prioritised the completion of the three remaining Memorandum of Understanding projects and the joint Insurance Contracts project to a high standard.
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Significantly enhanced its outreach and stakeholder engagement activities, with particular reference to the needs of emerging economies.
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