financial instruments, IFRS 9 Financial Instruments . On 12 November, we published that standard. In accelerating the completion of that phase of the project, we were responding to the request, expressed most strongly in Europe generally and by this body, that the new standard should be available for 2009 financial statements. The new standard on classification and measurement also addresses the call of the G20 Leaders to 'reduce the complexity of accounting standards for financial instruments'. A number of countries, including Japan, Brazil, China (including Hong Kong), South Africa, and Australia, have taken steps to permit or even require the use of the new IFRS 9. Similarly, EU stakeholder groups, including some major banking institutions in Europe, organisations representing the investment community across Europe and elsewhere, and national standard-setters, have called for the endorsement of IFRS 9. At the same time, the IASB understands that, despite the earlier request for speed in completing this phase of the project, the European Commission now wishes to follow the normal endorsement procedure for IFRS 9. We also recognise that you wish to understand better how the remaining phases of the project that address liabilities, provisions and hedging fit with the first phase of the IAS 39 reform. We also know that a number of EU policymakers, including the European Commission, the European Central Bank, and members of the Basel Committee, have raised issues regarding specific elements of the new standard. I would like to address some of the issues that have been raised