harmonising accounting requirements. We at the IASB fully recognise the importance that the G20 and the European Union have placed on our work to achieve common global standards and reform financial reporting where necessary. I trust that my report demonstrates that the IASB is engaging fully with all the issues raised and is on track to achieve resolution in the timeframe set. The European Union has been the catalyst for the effort to adopt IFRSs globally. With more than 115 countries committed to IFRS and nearly all G20 members on their way to full IFRS adoption, your support for the IASB's work as an independent but publicly accountable standard-setter is greatly appreciated.