Finally, we need to recognise that one major objective behind the current development of international standards is a desire by countries and markets for a single, high quality financial reporting model that will be widely acceptable and broadly applied. One important additional consideration is the potential for convergence between IFRS and US GAAP. 5.
Points of convergence with banking supervision  There are strong parallels between these drivers and trends and those underlying Basel II. As I noted on the previous slide, the IASB’s work on disclosure of financial instruments - first in IAS 32, but especially in its new ED 7 proposals - has been inspired by concepts and guidance first proposed in Basel’s Pillar 3.