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G-20 Call for Guidance, but Leave It to Accounting Boards

Tammy Whitehouse | November 19, 2008

The leaders of the Group of 20 have tasked accounting standard setters to provide guidance on securities valuation, especially for complicated illiquid instruments that are languishing under market pressure, along with improved standards and disclosures around off-balance-sheet activity and complex financial instruments.

It was among a long list of recommendations offered by the G-20, which is made up of finance ministers and central bank governors from the 20 leading global economies, to address the root causes and prospective solutions for the global financial crisis. The G-20 also called for action to improve governance, transparency, and accountability at the International Accounting Standards Board, including action to assure “an appropriate relationship” between the independent standard setter and outside political forces.

Scores of players in capital markets worried the G-20 would...

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