Accounting rules target missed

A deadline to create a single global set of accounting rules could be missed by accounting standard setters after they were unable to agree on a set of terms, including how to value financial instruments. Last September, the Group of 20 leading and industrialised nations pledged to lend support for a globally unified set of accounting standards in a bid to improve capital flows and cut down cross-border arbitrage in response to the financial crisis. Agreement on some issues has been difficult because of the issue of valuing financial instruments at mark-to-market or fair value prices. A June 2011 deadline has been set.