The big push, however, for the development of international standard was the need to
solve the problem of financial instrument. This could only be solved on an international basis,
and a group of standard setters [known as G4+1] attempted to agreement. In addition, they
started to investigate leasing and reporting financial performance. They were well on their way to producing some very interesting international agreement on future standard. However,
the European commission forced the G4+1 group to dissolve when it announced that all listed
companies in the EC must comply, for their consolidated financial statement, with
international standard.