G20 summits/Addendum

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.