We have added, in the IASC Agenda section, more information about projects undertaken by the G4+1 standard-setters with IASC participation, including information about each G4+1 study.

Reuters reports that "Bolkestein told the European Parliament's economic and monetary affairs committee the EU executive had now decided to use a legal act which was directly enforceable in the 15 member states rather a 'directive', something which would have needed years to be adopted by the Parliament and EU governments."

But unless investors trust this information, investor confidence dies. Liquidity disappears. Capital dries up. Fair and orderly markets cease to exist. As the volume of information increases exponentially, the quality of information for investors and the markets they comprise must be our signal concern. As more countries move to an equity culture, high quality financial information – safeguarded by a rigorous process of corporate oversight – becomes the currency that will drive a more interconnected and global marketplace.

But incentives that bring us a more global market also demand that every market promote the very highest standards at home - not just to compete, but to survive. Like never before, the effects of a company's behavior resonate not only nationally, but more likely, globally. If a country does not have a reputation for strong corporate governance practices, capital will flow elsewhere. If investors are not confident with the level of disclosure, capital will flow elsewhere. If a country opts for lax accounting and reporting standards, capital will flow elsewhere. All enterprises in that country - regardless of how steadfast a particular company's practices may be - suffer the consequences.

The IASC Board Statement comments on current projects in progress and sets out the old Board's views on other matters including the style of accounting standards, the need for a project on convergence of national GAAPs and IAS, fair value measurements, discussion of financial results, electronic financial reporting, public sector reporting, standards for small enterprises, and enforcement.