In the immediate aftermath of the crisis, in April 2009, the G20 leaders called upon the accounting standard setters to work urgently with banking supervisors and regulators to improve standards on valuation and provisioning and achieve a single set of high quality global accounting standards.
The Basel Committee on Banking Supervision (BCBS) took it forward by publishing a document in August 2009 titled Guiding principles for replacement of IAS 39 that was also sent to the International Accounting Standards Board (IASB).