The International Organization of Securities Commissions is planning to create a framework for member regulators to share decisions about implementing International Financial Reporting Standards (IFRS). Many IOSCO member countries are adopting IFRS, which are intended to create a global accounting standard. For example IFRS became effective for all EU countries Jan. 1. "Given the importance of having convergent application of financial reporting requirements, it is vital to have an appropriate mechanism to share information among authorities," Michel Prada, chairman of IOSCO's technical committee, said in a statement. IOSCO plans to create a database by mid-2006 to record all member countries' implementation decisions.
See Article page. Also see IOSCO Press Release, in pdf format.
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