Stock exchanges voice strong support of IFRSs
25 Jun 2007
In a recent letter in response to a consultation paper of the IOSCO Technical Committee, the World Federation of Exchanges (WFE) explained the importance of sound financial reporting to public capital markets and reaffirmed the WFE's strong support of IFRSs.
Also as regards issuers, on the point of their disclosure of financial information, WFE has long held a strongly favourable position on IFRSs. Throughout the 1990s, the Federation's precursor institution (FIBV) and several exchange leaders were actively involved in the work of the International Accounting Standards Board. Simply stated, exchanges have an interest in having clear and more explicitly comparable financial information produced for the world's capital markets by the issuers of securities. At the General Assembly of members in October 2000, the FIBV voted a resolution in support of the development and implementation of what has become IFRS. The quality of financial information is a critical component of investor protection. |