IOSCO Technical Committee statement on IFRSs

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09 Feb 2005

The Technical Committee of the International Organization of Securities Commissions has issued a Statement on the Development and Use of International Financial Reporting Standards in 2005 (PDF 95k).

The statement expresses the Committee's strong endorsement of IFRSs for cross-border securities offerings globally and encourages those countries that permit IFRSs but require a reconciliation to national GAAP to reconsider, on an ongoing basis, whether there is a continuing need for the reconciliation. IOSCO represents over 100 of the world's securities regulators. An excerpt from the Committee's statement:

As numerous countries around the world now engage in the adoption of IFRS in 2005 and beyond, the Technical Committee reaffirms its support for the development and use of IFRS as a set of high quality international standards in cross-border offerings and listings. The Technical Committee recommends that its members allow multinational issuers to use IFRS in cross-border offerings and listings, as supplemented by reconciliation, disclosure and interpretation where necessary to address outstanding substantive issues at a national or regional level. The Technical Committee further encourages members to continually evaluate such supplemental treatments as the implementation of IFRS continues and as the global financial reporting infrastructure is enhanced to encourage the consistent application and enforcement of IFRS. By this approach it is hoped that issuers would be allowed in the foreseeable future to make use of IFRS without reconciliation.

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