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Further collaboration planned between IOSCO and IFRS Foundation

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

18 Sep 2013

The International Organization of Securities Commissions (IOSCO) and the IFRS Foundation announced that the two organisations will deepen their cooperation in the development and implementation of IFRS on a globally consistent basis.

In October 2012, the IOSCO Board and the IFRS Foundation agreed to further progress their interactions on IFRSs, focusing on the practical application of IFRS to improve financial statements. Today, the IOSCO and IFRS Foundation announced that they have agreed on a set of protocols to improve consistency in the implementation of IFRS. The Statement of Protocols for Cooperation on International Financial Reporting Standards reiterates the current relationship between the two organisations, and identifies four new areas for mutually supportive work:

  • Use of IFRSs within jurisdictions around the world — IOSCO and IFRS Foundation will periodically share information to maintain current and accurate data on the progress of global IFRS adoption.
  • How securities regulators will be affected by IASB standards — The IFRS Foundation will identify and explain implementation aspects of the IASB’s new or significantly amended standards that are of interest to securities regulators.
  • Discussion of IFRS enforcement matters — The IOSCO will organise an annual IFRS enforcers’ discussion session for its members to discuss issues, standards and other IFRS enforcement matters with IASB members or staff .
  • Providing critical and timely input — The IFRS Foundation will solicit IOSCO member opinions on any time-sensitive IFRS implementation matters needing urgent input from securities regulators. 

The Statement of Protocols is available on the IASB website.

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