The International Organization of Securities Commissions (IOSCO) and the IFRS Foundation have today announced a Statement of Protocols that describes an ambitious programme of work to promote and facilitate transparency within capital markets through the development and consistent application of IFRS Standards.
The Statement outlines objectives for each of the following interactions between IOSCO and the IFRS Foundation:
- strategic discussions: discussion of broad financial reporting issues between the leadership of IOSCO and the IFRS Foundation;
- development of IFRS Standards: sharing of information and active contribution from IOSCO to the standard-setting process; and
- implementation of IFRS Standards: sharing information to support both parties in their work in the application of IFRS Standards on a globally consistent basis.
This Statement builds upon existing protocol arrangements between IOSCO and the IFRS Foundation, issued in 2013.
Michel Prada, Chair of the IFRS Foundation Trustees, said:
IOSCO has long supported the work of the IFRS Foundation, and the input of IOSCO and its members has helped shape the development and implementation of IFRS Standards. This initiative will provide an important framework for future cooperation as we work toward the shared goal of high quality standards for the global capital markets.
Ashley Alder, Chair of the IOSCO Board, said:
This new protocol between IOSCO and the IFRS Foundation will further enhance the way in which the two organisations work together to ensure that global capital markets are founded on sound and transparent financial disclosure. I very much look forward to working with the IFRS Foundation under these enhanced cooperative arrangements.
Click here for the full Statement of Protocols.