The US administration has called for 'substantial progress' towards agreeing on a single set of accounting standards by the end of 2009. In support of the International Accounting Standards Board and Financial Accounting Standards Board's 'extensive effort' to converge International Financial Reporting Standards and U.S Generally Accepted Accounting Principles, a white paper states that this is one among several points critical to help 'revive' the financial system in the U.S. Also set out in the white paper are proposals that were highlighted in the G20 summit earlier this year. These included the need for accounting standard setters to 'clarify and use consistent application of fair value accounting standards, including the impairment of financial instruments, by the end of 2009'. In addition, the paper suggests accounting standards need to be improved for loan loss provisioning by the end of the year, but emphasised that 'transparency of financial statements should not be compromised' in doing so.