G20 Finance Ministers, Central Bank Governors Continue to Call for Convergence

G20 finance ministers and central bank governors reiterate the call for the finalisation of the joint IASB and FASB projects.


"We reiterate our call on the IASB and FASB to finalize by the end of 2013 their work on key outstanding projects for achieving a single set of high-quality standards," says the communiqué issued after a meeting in Washington on 18-19 April 2013.


The meeting received a progress report from the Financial Stability Board (FSB) which followed on from a letter sent to the participants ahead of the meeting.


"The participants noted the progress in implementation of OTC regulatory reforms and committed to complete the remaining legislative and regulatory frameworks for these reforms," says the FSB.


A direct result of implementing these reforms is also the ED/2013/2 Novation of Derivatives and Continuation of Hedge Accounting published by the IASB in February 2013.


The exposure draft proposes changes to IAS 39 and the forthcoming hedge accounting chapter of IFRS 9 to permit the continuation of hedge accounting where hedging instruments are novated to a central counterparty in accordance with laws or regulations introduced by jurisdictions to implement the G20's agreed reforms around over the counter (OTC) derivatives.


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