And those accounts must be audited objectively and independently.
Since the reformation of the International Accounting Standards Board three years ago a determined
effort has been under way, led by Paul Volcker and David Tweedie, to complete the standard set and
secure broad agreement to their acceptance around the world. They are now close to success, but there
are some difficult obstacles still to be overcome, notably the question of the treatment of financial
instruments (IAS 39). I very much hope an acceptable solution can soon be found. It would be a great
pity if this opportunity were missed, and without satisfactory accounting for financial instruments
IASs are unlikely to be accepted in the US.