The International Organization of Securities Commissions (IOSCO) announced today that it is establishing arrangements for regulators to share decisions on the application of the International Financial Reporting Standards (IFRS).
The adoption of IFRS in many national jurisdictions and their use in numerous cross-border transactions should help to achieve convergence towards high quality global accounting standards that provide transparent and comparable information in general purpose financial reports.
The Chairman of the IOSCO Technical Committee, Mr. Michel Prada, said “Given the importance of having convergent application of financial reporting requirements, it is vital to have an appropriate mechanism to share information among authorities that will promote consistency in the implementation of IFRS”.
See full Media Release, in pdf format.
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