From the the official communique issued at the close of the G20 London Summit, the only reference to "Impaired Assets", is paragraph eight;-

" 8. Our actions to restore growth cannot be effective until we restore domestic lending and international capital flows. We have provided significant and comprehensive support to our banking systems to provide liquidity, recapitalise financial institutions, and address decisively the problem of impaired assets.  We are committed to take all necessary actions to restore the normal flow of credit through the financial system and ensure the soundness of systemically important institutions, implementing our policies in line with the agreed G20 framework for restoring lending and repairing the financial sector."

http://www.londonsummit.gov.uk/en/media-centre/latest-news/?view=News&id=15766937

some commentary has appeared overnight as to this lack of detail from the G20, I do not think this is a big deal, since there is a roadmap to an approach to, or framework for, managing the valuation of these assets, the process which is the key to completing this endgame of the monetary credit crunch, it is that supplied by the EU Commission (given that the G20 did not specify the detail of requirements in this space), the EU Commission position becomes (in my view) the default. Interestingly enough the law firm Freshfields Bruckhaus Deringer LLP, published an excellent brief on the commission statements on this topic (as one would expect), it is here;- http://www.freshfields.com/publications/pdfs/2009/mar09/25498.pdf

The Commission Legislation under Sector-specific rules, known as Financial sector: application of State aid rules to measures taken in the context of the current global financial crisis is available in English here;- http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2009:072:0001:0022:EN:PDF

the COMMUNICATION FROM THE COMMISSION on the Treatment of Impaired Assets in the Community Banking Sector & the EUROSYSTEM GUIDANCE ON ASSET SUPPORT MEASURES FOR BANKS of 25th February 2009; is available here; http://ec.europa.eu/competition/state_aid/legislation/impaired_assets.pdf

Alongside the recent 'lack of clarity' from FASB (blogged here) which is to be clarified, something approaching a framework of standards for valuation of these toxic assets is beginning to emerge from the politicians and standards setters in this important area. Paragraph 15 of the London Summit declaration takes the process forward,

"15. To this end we are implementing the Action Plan agreed at our last meeting, as set out in the attached progress report. We have today also issued a Declaration, Strengthening the Financial System.  In particular we agree:"

with bullet 8 being key

"to call on the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and achieve a single set of high-quality global accounting standards;"