I make the distinction between general-purpose and special-purpose objectives to emphasize the value of keeping and maintaining general-purpose financial reporting free from those other objectives. When formulating standards for general-purpose financial reporting, FASB and the IASB do not seek to influence the outcome of investor allocation, capital allocation decisions, or actions from management. Rather, the boards design standards that provide better information to inform the decisions and actions of investors.The alternative, whereby standards are designed to privilege certain objectives, economic activities, financial products, or market participants, could diminish the confidence in the accuracy or the quality of reported information, which could thereby impair capital formation and, in turn, negatively impact economic activity. Again, by keeping general and special-purpose financial reporting objectives clearly distinct, each is able to best serve its respective purposes.I encourage you to support the standards-setting bodies that maintain general-purpose financial reporting frameworks distinct from special-purpose funds. The process advances with your broad participation, your robust feedback, your timely implementation, and ultimately, your quality application of the standards.New Accounting StandardsHigh-quality accounting standards for general-purpose financial statements must continuously evolve, just as markets and investor behavior evolve over time