G-20: Converge Global Accounting Standards by 2011

Leaders at the recent G-20 summit called for a single set of high quality, fully converged global accounting standards June 2011.

This follows up on previous statements by the G-20 calling for a single set of global accounting standards and other accounting changes at summits held last November and April.

In the Bush administration, Chairman Christopher Cox advocated published an IFRS road map in the United States.

Following Mary Schapiro’s appointment as CES Chair, the SEC appeared to revisit and scale back the IFRS issue.

G-20 leaders also called on the International Accounting Standards Board (IASB) to “further enhance the involvement of various stakeholders.” Although the G-20 provided no specifics on how the IASB should enhance stakeholder involvement, the IASB’s parent organization, the IASC Foundation, is currently reviewing its constitution to include expanding the IASB’s liaison with other organizations such as regulatory agencies and other stakeholders..