IOSCO work plan and IFRSs

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14 Mar 2007

The Technical Committee of the International Organization of Securities Commissions (IOSCO) has invited comments on its Work Plan and Priorities.

The work plan includes monitoring the work of, and providing input to, the IASB and the International Auditing and Assurance Standards Board. In 2007, IOSCO plans to publish a report of the regulation of non-audit services provided by auditors and to hold roundtable meetings on audit quality. IOSCO invites comments by 8 June 2007. Click for Press Release  PDF 29k). Here is an excerpt from the plan relating to IFRSs.

Monitoring developments and the enforcement of accounting standards

IOSCO closely monitors the developments in International Financial Reporting Standards (IFRSs), comments on proposed changes and routinely discusses standard-setting work with representatives of the International Accounting Standards Board (IASB). IOSCO encourages a reduction in the complexity of accounting standards and in the number of exceptions to principles. It also calls for an appropriate balance between the costs and benefits of accounting standards.

IOSCO has always stressed the importance of implementing IFRSs consistently throughout the world. In order to support this objective, the TC has developed the IOSCO IFRS Regulatory interpretation and Enforcement Database. Access to this database is available to securities regulators that have signed a participation agreement and is designed for sharing regulatory interpretation and enforcement decisions related to IFRSs. The IOSCO database is compatible with a similar database maintained by CESR and has been operational since January 2007.

Click for Full Text ((PDF 95k).

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