bring their own standards in line with each other. We at the IASB believe that completion of this work programme is important to promote and facilitate the adoption of IFRSs on a global basis, as asked for by G20 leaders. This is particularly the case with the United States. As you know, the US Securities and Exchange Commission (SEC) recently reaffirmed the US commitment to make a decision in 2011 to adopt IFRSs by 2015 or 2016. The SEC emphasised the importance of convergence in improving financial reporting and reducing the cost of the transition to IFRSs. The IASB will do its part to ensure that IFRS is accepted globally. It is already used in more than 115 countries. The relevance of the joint work with the FASB has broader global significance. Beginning this year and going through the year 2012, we are witnessing the second major wave of IFRS adoption. Brazil, India, Korea, Canada, Japan, Malaysia, Mexico, Argentina, and Indonesia, to name a few, are in the process of IFRS adoption. We do not want IFRSs to be a constantly moving target. By completing our convergence work in 2011, the IASB will provide a period of stability of accounting standards for newly adopting countries, similar to the "stable platform" given to European companies and investors between 2004 and 2009. Enhanced stakeholder engagement in our work and agenda-setting Before turning to our work on financial instruments, I want to explain how we have responded to the calls of the G20