FSB highlights accounting and pay reform to G-20 summit

At the G-20 summit in Pittsburgh today, the Financial Stability Board (FSB) reported significant progress on reforming the world's financial regulations to prevent another crisis - but pointed out that drastic improvements are still necessary in accounting standards and compensation rules.

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

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