Public overseers´ efforts for ´Sense and Simplicity´; an example I now come to the second part of my speech. The business community, including the financial sector, also needs legislation, standards, codes and guidance to be able to play the game. The rules of the game should, however, be conducive to the ´sense and simplicity´ in their appliance.
As you know better than anybody, this is an important principle, but far from easy to apply. This is also an important aspect of the role of the public overseers. Allow me to illustrate this role by taking an example from recent experience. As you know, the International Accounting Standards Board has issued the revised Standard on Financial Instruments, IAS 39.