IAS/IFRS amendments. In order to avoid redundant and costly IT system changes CEBS will take into account agreed changes to IAS/IFRSs before starting implementing the revised FINREP framework (in particular, the recent IASB project on IAS 39 replacement and the proposal on IAS 1). A dedicated team consisting of accounting and reporting experts will monitor IASB proposals in order to assess the impacts on the FINREP framework. The revised guidelines on financial reporting will be reviewed in due course to take account of changes that are agreed in the future.

Proposed IFRS Roadmap

The Commission's staff, in particular the folks in the Office of the Chief Accountant and the Division of Corporation Finance, have been working to help me and my fellow Commissioners evaluate the comments we received on the proposed IFRS Roadmap. In terms of where we are in the process of moving forward, the comment period ended in April with over 200 thoughtful letters received. We are, as always, carefully reading all of these responses – most of them, more than once. The comment letters raise a number of complex issues, including issues related to the workability of various aspects of the proposed approach. We are very thankful to all who took the time to share their knowledge and experience with us.

Our next steps will, of course, be determined in part by the feedback we received. Commenters appear to generally agree on the benefits of a single set of high quality global accounting standards. Commenters differ, however, and differ strongly, on the best plan for getting there. Reading through many of the comments, I have been struck not only by the diversity, but also by the intensity of opinions on the issues.

As with any important policy question, we are proceeding deliberately and thoughtfully. We are working diligently to make sure we understand all of the advantages and disadvantages. Chairman Schapiro has said that we would soon turn to the proposed IFRS Roadmap, and we are doing just that. At this stage in our review process, I expect we will likely consider further action sometime in early 2010.

We call for a set of universally accepted standards for the disclosure to shareholders of climate change-related information1 connected to financial performance and to mainstream financial reporting.2 We propose that policy makers endorse collaboration between all relevant stakeholders to form an independent standard setter charged with achieving these goals.

We call on policy-makers to endorse the establishment of an independent, stakeholder-led standard setting body with appropriate accountability to public authorities, tasked with the development of a single set of universal standards for businesses to make climate change-related disclosures, linked to financial performance and mainstream financial reports. We believe that this will promote provision of more trusted, accurate and reliable information to investors and other stakeholders, thus enabling them to make better-informed decisions and drive the scale of behavioral change necessary to achieve a low-carbon economy.