This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IOSCO to consider "larger role" in IFRSs

  • IOSCO (International Organization of Securities Commissions) (dark gray) Image

Oct 08, 2012

The Board of the International Organization of Securities Commissions (IOSCO) has agreed to consider an IFRS Foundation request to play a larger role in global efforts to further the international adoption and implementation of IFRSs.

The IOSCO Board, which was formed as part of the restructure of IOSCO earlier this year, agreed to consider the move in response to a request in a meeting with Michel Prada, the chairman of the Trustees of the IFRS Foundation, "as a means to improve the comparability and integrity of financial statements across the globe."

IOSCO’s Committee on Multinational Disclosure and Accounting will take up the proposal. The Committee was previously a standing subcommittee of the IOSCO Technical Committee, which has now been subsumed within the IOSCO Board. The proposals would extend the previously stated responsibilities of the Committee, which include monitoring the development and interpretation of IFRS, providing comments on proposed standards and interpretations, and promoting consistent regulatory interpretation and enforcement of IFRSs.

The development was announced by IOSCO as part of outlining the outcomes of the IOSCO Board's inaugural meeting held on October 3 and 4, 2012. The meeting also saw discussion on work mandated by the G20 Leaders and the Financial Stability Board (FSB) on regulatory reform, together with other projects, including global legal entity identifiers, over-the-counter derivatives, regulation of money market funds, and oil price reporting. The meeting also considered emerging market perspectives and noted support for the possible creation of an IOSCO Foundation.

Click for IOSCO press release (link to the IOSCO's Web site).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.