IOSCO urges clear disclosure of accounting framework
Feb 07, 2008
The International Organization of Securities Commissions (IOSCO) – the consortium of the world's securities regulators – has published a statement urging publicly traded companies to provide investors with clear and accurate information on the accounting standards used to prepare their accounts.
- adopts some but not all IFRSs as its national GAAP,
- modifies an IFRS when adopting it,
- delays adoption of a new or amended IFRS including Interpretations, or
- changes the effective date or method of transition.
Companies preparing annual and interim financial statements on the basis of national standards that are modified or adapted from IFRS should include at least the following statements: