G20 reiterates commitment to global standards, focuses on financial instruments
The Group of 20 (G20) has released a Communiqué and supporting documents from the G20 Leaders Summit held in Cannes, France on 3-4 November 2011.
Many of the agreed outcomes are focused on global economic and other issues, and include agreed actions on implementing and deepening financial sector reforms. These include reference to global accounting standards, convergence and the governance of the IASB. Achieving convergence on financial instruments is singled out for particular attention and a report on the overall IASB-FASB convergence project is called for by April 2012.