2  BIS Review 11/2009  Ladies and gentlemen. The overall success of financial and economic education rests on the concerted efforts of the BSP, our educators and our partners in the private sector. Aside from the various programs and initiatives of the BSP, our contributions to this advocacy lie in providing support to similar efforts of individual organizations.
As part of the ongoing endeavours to ensure the quality and transparency of financial reporting, a shift was made during the past year away from historical cost to fair value accounting of financial instruments, i.e. the application of Accounting Statement AC 133. As indicated earlier, this led to a substantial increase in the reported total assets of banks.