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Stock exchanges voice strong support of IFRSs

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

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.

The WFE is the global organisation of 54 regulated exchanges from all regions of the world that, together, account for over 97% of world stock market capitalisation, Click to Download the WFE Letter  (PDF 240k). An excerpt:

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.

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