their comment letters. Towards a high-quality, globally-accepted standard The G20 has emphasised the need for convergence towards a single set of high-quality, global, independent accounting standards. To this end, the IASB has been, and is committed to, working with the US Financial Accounting Standards Board (FASB), to reach a common approach on financial instruments and to the other areas outlined in the Memorandum of Understanding between the two organisations. The IASB is also committed to the June 2011 timeline for convergence outlined in the Memorandum of Understanding and endorsed by the G20 Leaders in Pittsburgh. Next week, we will meet the FASB to seek to agree an approach leading to a common international standard on financial instruments. While it may have been preferable to have had common timelines with the FASB on financial instruments, the IASB believed that the commitment made to this Council and the conclusion of the G20 overrode this timing consideration. I want to emphasise that the alternative of adopting a portion of the FASB approach to impairment, promulgated in April, would not bring about a level playing field. Furthermore, on many issues, EU financial institutions would not want us to adopt the US approach on impairment. As I said in June, given the urgency of the fundamental issues surrounding IAS 39, none of us can afford the potential protracted back-and-forth resulting from piecemeal changes in international and US standards that would undermine the comprehensive and desperately needed reform that is under way. In our discussions with