IFRSs discussed at IOSCO annual meeting

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13 Jun 2006

The International Organization of Securities Commissions (IOSCO) held its XXXI Annual Conference in Hong Kong on 5-8 June.

IASB Chairman Sir David Tweedie was among the speakers on an IFRS panel. The Final Communiqué (PDF 55k) of the conference includes the following summary of the panel:

International Financial Reporting Standards

The arrival of IFRS promised a new era of high quality international standards and a better way for investors to assess their investment decisions. In the course of their discussion, the Panel confirmed that within a short time since the adoption of the IFRS, the debate over their implementation has been intense. Although expectations have been high, it was agreed that managing these expectations will play a role in their ultimate success.

IASB Director of Standards for SMEs Paul Pacter briefed the Emerging Markets Committee on the IASB's SME project. The Final Communiqué also reports on progress in developing an International Financial Reporting Standards enforcement database:

International Financial Reporting Standards Database

In October 2005, IOSCO approved a Statement of Principle for the development of a database in order to facilitate the sharing by securities regulators of regulatory decisions relating to the enforcement of International Financial Reporting Standards (IFRS). Such a database of information will provide a useful reference source for regulators on IFRS decisions and will facilitate coordination and convergence.

IOSCO anticipates that the database will be fully operational during the second half of 2006. IOSCO is liaising with the Committee of European Securities Regulators (CESR) which has developed and implemented a similar database for use in the European Union.

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