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IOSCO is addressing several IFRS matters

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

24 May 2004

The Final Communiqué (PDF 200k) of the XXIXth Annual Conference of the International Organization of Securities Commissions (IOSCO) addresses a number of accounting and auditing standards issues from the perspective of the world's securities and futures regulators.

Several relate directly to IFRSs, including the following:

The [IOSCO] Technical Committee has initiated a project on Regulatory Interpretations of International Financial Reporting Standards to address communications among IOSCO members to promote the consistent application and enforcement of IFRSs. The major outputs of this project are expected to be a central database of regulatory decisions and a process for facilitating communications and cooperation among regulators and other enforcers relating to IFRSs. The Technical Committee also will seek to coordinate its work on this project with a comparable project being undertaken by CESRFIN [the Standing Committee on Financial Reporting of the Committee of European Securities Regulators].

The Technical Committee also will undertake another initiative on Review and Enforcement of Application of Financial Reporting Standards focusing on the range of activities and powers that relate to reviews of public company financial statements by securities regulators and others. This project will focus on the powers and activities of a review process, and criteria and actions needed, regardless of the accounting standards in use. The major output of this project is expected to be an IOSCO statement of principles, best practices, and/or descriptions of effective models in use for such review functions. This project should conclude in 2005.

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