June 2010

G20 stands by international standards

From Accountancy Age.

Toronto summit backs international standards but eases pressure on timetable.

The G20 group of countries has once again given its support for international accounting standards as it gathered for its latest meeting in Toronto at the weekend.

A communique issued by the summit said yesterday said: "We re-emphasized the importance of achieving a single set of high quality improved global accounting standards."

However, the G20 has gone some way to relieve the pressure on the convergence project for US and international standards by making no reference to the urgency of the project. Earlier statements said the key players in convergence should " re double" their efforts to meet a June 2011 deadline.

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