G20 summits/Addendum
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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.