IFRS Foundation and World Bank enter Memorandum of Understanding

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15 May 2017

IFRS Foundation and World Bank have decided to deepen their cooperation to support developing economies in their use of reporting standards.

Both organisations have a public interest mission and they believe that combining their expertise and extensive networks will support developing economies to achieve sustainable and comprehensive development built on transparency, accountability, and efficient financial markets.

The Memorandum of Understanding notes three priorities of collaboration:

  • Implementation of IFRSs and the IFRS for SMEs by encouraging adoption, supporting accessibility, and conducting research;
  • Capacity development for the implementation of IFRSs by developing scalable programmes, supporting professional development, and thought leadership; and
  • Enhancing engagement in standards development by strengthening standard-setting capabilities and participating in advisory bodies of the IFRS Foundation.

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