What the G20 really said

The title link is to the text of the G20 Declaration on sound financial markets. The G20 had been urged to make financial stability a goal of the IASB, but funked it. Instead G20 said

With a view toward promoting financial stability, the governance of the international accounting standard setting body should be further enhanced, including by undertaking a review of its membership, in particular in order to ensure transparency, accountability, and an appropriate relationship between this independent body and the relevant authorities.'

Which seems to mean that the IASB had better make itself accountable to regulatory authorities such as the EU and the SEC. It is to hoped this will help the IASB ground itself in reality rather more than its wilder flights of fancy about fair values suggest that it is currently grounded.