IFRS Foundation and International Organisation of Securities Commissions announce agreement to improve application of IFRS standards
THE IFRS FOUNDATION and the International Organisation of Securities Commissions (IOSCO) have announced a statement of protocols in order to “facilitate transparency within capital markets through the development and consistent application of IFRS standards”.
The bodies set out three central aims to improve the application of IFRS in their statement of protocol. These included discussion of broad financial reporting issues between the leadership of IOSCO and the IFRS Foundation; development of IFRS; sharing of information and active contribution from IOSCO to the standard-setting process; and implementation of IFRS standards: sharing information to support both parties in their work in the application of IFRS standards on a globally consistent basis.
The statement builds upon existing protocol arrangements between IOSCO and the IFRS Foundation, issued in 2013.
Chair of the IFRS Foundation trustees Michel Prada said: “IOSCO has long supported the work of the IFRS Foundation, and the input of IOSCO and its members has helped shape the development and implementation of IFRS Standards. This initiative will provide an important framework for future cooperation as we work toward the shared goal of high quality standards for the global capital markets.”
Chair of the IOSCO board Ashley Alder said: “This new protocol between IOSCO and the IFRS Foundation will further enhance the way in which the two organisations work together to ensure that global capital markets are founded on sound and transparent financial disclosure. I very much look forward to working with the IFRS Foundation under these enhanced cooperative arrangements.”