FSB highlights accounting reform to G-20

PITTSBURGH, PA - The Financial Stability Board (FSB) reported significant progress to the G-20 leaders on reforming financial regulations to prevent another crisis - but warned drastic improvements are still necessary in accounting standards and compensation rules.

The board praised the raising of minimum bank capital levels, the introduction of central counterparty clearing, and the improvement of oversight of credit rating agencies. But on key accounting issues such as the adoption of common i