Basel II, the international accounting standard, has moved a further step closer to its final ratification after consensus was reached on some of its major issues by the Basel Committee on Banking Supervision, a group made up of central bankers and banking regulators.
The fresh framework, to be published at the end of June 2004, confirms that the standardization and foundation approaches within Basel II will be implemented from the year-end 2006, though the more advanced approaches contained in the framework will not get the go-ahead until 2007.
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