The International Accounting Standards Board has responded to recommendations laid out at the G-20 summit over accounting standards by saying it is 'committed to taking action'. The G-20 recommendations called for 'significant progress towards a single set of high quality global accounting standards'. Last week, the US Financial Services Board announced it was easing its fair value accounting rules, which have been widely blamed for their role in the financial crisis. The IASB is now working with the FASB, the Accounting Standards Board of Japan, and other standard-setters to work towards a joint approach to the financial crisis. The FASB and IASB are already committed in working together to seek convergence between IFRS and US Generally Accepted Accounting Principles, a move that has been welcomed by various EU finance ministers. An IASB consultation on the FASB's proposals for easing fair value in inactive markets is due to end on 20 April, after the consultation period was shortened in recognition of 'the need for rapid consideration'. It also announced that it would prefer to 'produce a new standard rather than making further piecemeal adjustments'. The standard would replace IAS 39, Financial Instruments: Recognition and Measurement 'with a common and globally accepted standard that would address issues arising from the financial crisis in a comprehensive manner'.