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Progress on G20 Summit on Accounting Standards - Lab Report Example

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In the paper “Progress on G20 Summit on Accounting Standards” the author examines the Group of Twenty (or more popularly called the G20), which was formed in 1999 to “bring together systematically important industrialized and developing economies to discuss key issues in the global economy”…
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Progress on G20 Summit on Accounting Standards
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Download file to see previous pages The said declaration contains the results of the discussions of the G20 leaders related to the current financial crisis. It contains what the G20 believes are the causes of the financial crisis and the actions to be taken.

The said declaration contained the short-term (classified as immediate actions) and medium-term actions that the G20 members think should be done to achieve true financial reforms. As part of the medium-term actions, the declaration states that “the key global accounting standard bodies should work intensively toward the objective of creating a single set of high-quality global standard”. It also stated that “regulators, supervisors, and accounting standard setters, as appropriate, should work with each other and the private sector on an ongoing basis to ensure consistent application and enforcement of high-quality accounting standards”. Through these two measures (among others), the G20 believes that such can address the ongoing financial crisis, strengthen transparency and accountability, enhance sound regulation, promote the integrity of financial markets and reinforce international cooperation.

G20’s call on creating a single set of global accounting standards elicited support from various groups. Ernst & Young, one of the Big Four accounting firms “has backed the G20’s call for global accounting rules” (Christodoulou, 2009). Other accounting firms have also made the same calls. The International Accounting Standards Board (IASB) has also declared its commitment “to developing a single set of global, independent rules (CIMA, 2009), a fact that was already communicated to the G20. ACCA (the Association of Chartered Certified Accountants, 2009) was “particularly delighted” on this declaration. The International Federation of Accountants (IFAC, 2009) also supported G20’s declaration, stating that the development of a single set of global accounting standards. ...Download file to see next pagesRead More
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