IFRS Foundation and BCBS enter Memorandum of Understanding
05 Sep 2017
The IFRS Foundation and the Basel Committee on Banking Supervision (BCBS) have decided to deepen their cooperation to foster long-term financial stability, enhance market discipline and further develop sharing of information.
Both organisations have a public interest mission and the transparency created by appropriate disclosures as a result of rigorous accounting standards promotes financial stability and enhances market discipline.
The Memorandum of Understanding notes two priorities of interaction:
- Fostering the sharing of information and the BCBS members’ views in support of work in the development of IFRS Standards and sharing information to support the understanding of interactions between IFRS Standards and the BCBS Framework.
- Fostering the sharing of information to support both parties in their work in the application of IFRS Standards on a globally consistent basis.
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