Tag Archives: G20

Accounting Standards supported by G20

G20 reinforces need for International Standard

Two weeks ago, at the G20 Summit in Toronto, Canada the 20 leaders of the highest-developed countries reiterated the need for International Accounting Standards to be used worldwide in order to strengthen the state of the global financial markets. The need for accounting standard convergence was discussed in Toronto and shows that it could improve the global financial system. International Accounting Standards (IAS) will show more transparency and comparability in the financial system.

I feel that the International Accounting Standards should be introduced worldwide as soon as possible because the convergence will enable the global financial system to find some stability. Currently the USA use US GAAP (Generally Accepted Accounting Principles) and this has proven to be a big barrier in the past. At this G20 meeting the reiteration of international standards can only mean a step in the right direction, not only for the global economy but also the accounting sector in the future. The accounting language should become standardised where all countries use IAS’s. I feel this will only help the accounting sector and eliminate the lack of comparability of financial statements, and create more transparency.

The link to the Ashdown Group article is shown below:

G20 reiterates support for accounting standards convergence

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G20 summit – the shakeup in and out of Toronto

Deficit cuts, earthquake and city troubles

I am currently holidaying in Toronto, and I experienced two major events all the space of a few days. On 24th June 2010, I experienced an earthquake tremor whilst visiting family in Waterloo, ON. This felt strange as this was not the major talking point of the weekend. Many may have evacuated buildings in Canada, but the main topic on the agenda was the G20 summit.

Leaders from the 20 biggest countries in the world descended on the largest city in Canada to discuss many things, but most importantly the economic situation and how to resolve it.  The deficit cuts are the main areas of concern that were discussed. I hope this summit will be a spring board for economic recovery in the near future.

Whilst the summit was taking place in the heart of Toronto, many troubles were being witnessed on the streets. Whilst watching CBC News (a Canadian news channel) I witnessed a police car being broken into and set on fire. This along with many store fronts being vandalised were the actions of many protestors. The last time I saw anything of the sort was at the last G20 summit in London 15 months ago. I feel these kind of actions need to be expressed, but should be expressed in a civilised way that ensures real action and not more trouble.

Below is the link to a Guardian news article: 

G20 summit has major implications for the UK’s economic recovery

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