G20 summits/Addendum: Difference between revisions
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===By accounting standards bodies=== | ===By accounting standards bodies=== | ||
====Immediate actions by March 31, 2009==== | ====Immediate actions by March 31, 2009==== | ||
* enhance guidance for valuation of securities | * enhance guidance for valuation of securities, | ||
* address weaknesses in accounting and disclosure standards for off-balance sheet vehicles | * address weaknesses in accounting and disclosure standards for off-balance sheet vehicles, | ||
* improve disclosure of complex financial instruments by firms to market participants. | * improve disclosure of complex financial instruments by firms to market participants. | ||
====Medium-term actions ==== | ====Medium-term actions ==== | ||
* work intensively toward the objective of creating a single high-quality global standard | * work intensively toward the objective of creating a single high-quality global standard, | ||
* ensure transparency, accountability, and maintain an an appropriate relationship with the relevant authorities | * ensure transparency, accountability, and maintain an an appropriate relationship with the relevant authorities, | ||
* work with others to ensure consistent application and enforcement of high-quality accounting standards | * work with others to ensure consistent application and enforcement of high-quality accounting standards, | ||
* provide enhanced risk disclosures and ongoing disclosure of all losses, and ensure that financial statements include a complete, accurate, and timely picture of the firm's activities. | * provide enhanced risk disclosures and ongoing disclosure of all losses, and ensure that financial statements include a complete, accurate, and timely picture of the firm's activities. | ||
=== | ===On regulatory regimes=== | ||
====Immediate actions by March 31, 2009==== | |||
* the International Monetary Fund, the Financial Stability Forum FSF and others to develop recommendations to mitigate pro-cyclicality. | |||
====Medium-term actions==== | |||
* countries to review and report on their regulatory systems, and to undertake a Financial Sector Assessment Program (FSAP) reports, | |||
* the appropriate bodies to review the regulation of the banking, securities, and insurance sectors and recommend improvements, | |||
* national and regional authorities to review bankruptcy laws to ensure that they permit an orderly wind-down of large complex cross-border financial institutions, | |||
* definitions of capital to be harmonized to achieve consistent measures of capital and capital adequacy. | |||
Revision as of 04:54, 17 November 2008
Actions agreed at the first summit
By accounting standards bodies
Immediate actions by March 31, 2009
- enhance guidance for valuation of securities,
- address weaknesses in accounting and disclosure standards for off-balance sheet vehicles,
- improve disclosure of complex financial instruments by firms to market participants.
Medium-term actions
- work intensively toward the objective of creating a single high-quality global standard,
- ensure transparency, accountability, and maintain an an appropriate relationship with the relevant authorities,
- work with others to ensure consistent application and enforcement of high-quality accounting standards,
- provide enhanced risk disclosures and ongoing disclosure of all losses, and ensure that financial statements include a complete, accurate, and timely picture of the firm's activities.
On regulatory regimes
Immediate actions by March 31, 2009
- the International Monetary Fund, the Financial Stability Forum FSF and others to develop recommendations to mitigate pro-cyclicality.
Medium-term actions
- countries to review and report on their regulatory systems, and to undertake a Financial Sector Assessment Program (FSAP) reports,
- the appropriate bodies to review the regulation of the banking, securities, and insurance sectors and recommend improvements,
- national and regional authorities to review bankruptcy laws to ensure that they permit an orderly wind-down of large complex cross-border financial institutions,
- definitions of capital to be harmonized to achieve consistent measures of capital and capital adequacy.