Following on from my previous post, see following:
In remarks on February 25, 2005, to the European Union’s Accounting Regulatory Committee (ARC), Paul A Volcker, Chairman of the IASC Foundation Trustees, emphasised the progress that the International Accounting Standards Board (IASB) was making towards its objective—a common set of respected accounting standards applicable in all significant markets.
See Press Release and full Speech, both in pdf format.