reform of IAS 39, the Trustees have strongly supported the need to complete the first part of the reform by year end. We have received regular updates in public meetings to ensure timely completion and fair consideration of stakeholder input. Before handing over to Sir David, I would make four points from the Trustee standpoint about the work to reform IAS 39. One, the trustees are pleased with the unprecedented scale of the stakeholder engagement that the IASB has undertaken to complete its work, including with prudential supervisors and those tasked with co-ordinating the global regulatory response to the crisis. Two, the IASB has made real substantive adjustments to its original proposals to address issues raised by stakeholders. The Trustees believe these have improved the proposals and aided transparency. Three, the Trustees have been impressed with the pragmatic and listening approach that the IASB has taken. Four, the Trustees believe that the IASB's developing proposals on a reformed IAS 39 represent a major step forward on a matter that has been contentious for years. Prepared statement by Sir David Tweedie, Chairman of the IASB I greatly appreciate the opportunity to speak to you regarding the status of the IASB's revision of IAS 39. When I appeared before you in June, the Council emphasised the need to have a revised standard available for use this year. I gave a commitment to deliver on this timetable. We will publish the new standard in November. The new standard on classification and measurement responds