Combined statement of the European Commission, the Financial Services Agency of Japan, the International Organization of Securities Commissions (IOSCO) and the US Securities and Exchange Commission proposing changes to strengthen the institutional framework of the International Accounting Standards Committee (IASC) Foundation and encourage the Foundation's related efforts, while emphasizing the continued importance of an independent standard-setting process.
Tokyo, Nov. 7, 2007 - European Internal Market and Services Commissioner Charlie McCreevy, Financial Services Agency of Japan Commissioner Takafumi Sato, IOSCO Executive Committee Chairperson Jane Diplock and U.S. Securities and Exchange Commission Chairman Christopher Cox explained:
"International Financial Reporting Standards (IFRS) are becoming more widely used throughout the world. We have a common interest of ensuring continuing user confidence in the institutions responsible for the development of global accounting standards. A natural step in the institutional development of the IASB and the IASC Foundation would be to establish a means of accountability to those governmental authorities charged with protecting investors and regulating capital markets. We will work together to achieve these objectives."
This positive development is a reflection of both the work accomplished to date by the Trustees and the International Accounting Standards Board (IASB), the body responsible for promulgating IFRS, and the desirability of the creation of a single, high-quality set of accounting standards for international use. At the same time, the increased use of IFRS has raised interest in establishing formal ties between important securities regulatory stakeholders and the IASC Foundation.
See full Press Release.
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