Hon MICHAEL WOODHOUSE (National): Given Minister Clark's comments, I think it's appropriate to acknowledge the millions of people around the world who will be tuning into this highly important and world-leading debate. I think the Minister might find that we're probably not as far ahead of the rest of the world as he thinks and claims we are, and I'll go into that in some detail. But I think it's fair to say that if one picks up a textbook on financial accounting and turns to chapter 1, the definition of financial reports is, in plain English, to provide information useful for decision making, or words to that effect, and we've got a very, very mature and robust framework for the provision and reporting of financial information. It's set out in the Financial Reporting Act and the Financial Markets Conduct Act. As the Minister says, it's overseen by the External Reporting Board (XRB), and they provide for the accounting standards and financial reporting standards that are consistent with generally accepted accounting principles, and that's a longstanding convention and law. 