IOSCO statement on the application of accounting standards during the COVID-19 outbreak
Apr 03, 2020
On April 3, 2020, the International Organization of Securities Commissions (IOSCO) released a statement on consistent application and enforcement of high-quality accounting standards which are of critical importance to the proper functioning of the capital markets — especially in times of uncertainty.
The statement notes that the responsibility for developing and maintaining high quality standards resides with the IASB and welcomes the IASB's recent educational material that addresses the application of accounting for expected credit losses in accordance with IFRS 9, Financial Instruments during the period of economic uncertainty arising from the COVID-19 outbreak. IOSCO also notes that the related financial instruments principles-based disclosure requirements in IFRSs (i.e. IFRS 7, IAS 1) should result in disclosure that considers the impact of the important emerging issues.
Review the statement on the IOSCO's website.
