The newly revised IAS 39, Financial Instruments, will be published next month, Sir David Tweedie, chairman of the International Accounting Standards Board, has pledged. He was speaking to ECOFIN, the meeting of European finance ministers, to provide an update of progress since June. The new standard on classification and measurement is in response to calls by the G-20 leaders to 'reduce the complexity of accounting standards for financial instruments'. Tweedie said the IASB was working closely with the European Commission and the European Financial Reporting Advisory Group to facilitate 'a smooth endorsement'. The board has also briefed and received the advice of the Economic and Monetary Affairs Committee of the European Parliament. Tweedie said: 'We believe the standard to be published in November has benefited greatly from the advice that we have received in Europe and elsewhere. The IASB is making changes to its original proposals to address the issues that have been raised.' He added that the board would continue to 'schedule as meetings as required in order to complete the project in time for November publication'. At the heart of the proposal is defining when fair value and cost-based accounting should be applied to financial instruments. Tweedie added: 'Members of this council and many commentators have expressed concern about any increased use of fair value. I can confirm that extending the use of fair value has not been out motive or intent in developing a new standard.'