In particular, IOSCO is concerned that, with the convergence of global accounting standards, investors may assume that all company accounts are generally comparable, even when they are prepared in accordance with quite different GAAPs. This commonly occurs where national standards assert that they are based on but do not fully implement International Financial Reporting Standards (IFRS). This could occur, for instance, if a jurisdiction:
- adopts some but not all IFRSs as its national GAAP,
- modifies an IFRS when adopting it,
- delays adoption of a new or amended IFRS including Interpretations, or
- changes the effective date or method of transition.
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Download the IOSCO Press Release, which includes the full text of the IOSCO Statement (PDF 32k). Here are the principles in the IOSCO Statement: