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Regulators to share information on IFRSs

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

06 Oct 2005

The International Organization of Securities Commissions (IOSCO) is establishing a system for participating IOSCO members and other independent enforcement organizations to share information and consult in order to maximize co-ordination and convergence of the transition to and implementation of IFRSs.

While each national regulator will retain the right to deal with an issue on its own, the system will facilitate consistency by cataloguing, in a database, decisions made by regulators concerning application of IFRSs. This will provide a reference source for input to future regulatory decisions. Participating regulators will also contact each other to discuss particular decisions. IOSCO's announcement said:

On an ongoing basis, IOSCO will monitor issues related to the implementation of IFRS for indicators of issues that should be referred to the International Accounting Standards Board or the International Financial Reporting Interpretations Committee for consideration. IOSCO anticipates that the database will be operational by the second half of 2006. At this stage it is not intended for the catalogue of decisions to be publicly accessible.

Click for IOSCO Press Release (PDF 123k).

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