The G20 and other international bodies have called for standard-setters to seek global solutions to a global crisis. This is not always easy to achieve and there may be areas where, because of the extent of existing guidance, the two boards find it difficult to reconcile differences in the existing standards in the immediate term.

 

That is why in important areas such as financial instruments a common standard that significantly improves financial reporting and leads to a less complex approach is required. The path to achieving convergence will undoubtedly be challenging but the remit we have from policymakers is clear.

This was a very productive joint meeting in terms of each board reaffirming their commitment to work together both in developing common responses to reporting issues emanating from the global financial crisis and in terms of our ongoing convergence programme.