09 February 2005

IOSCO statement on development and use of IFRS

In 2000 the Technical Committee of the International Organization of Securities Commissions (IOSCO) conducted an assessment of progress made and work which remained to be done on 30 core accounting standards. Following this assessment, IOSCO issued a resolution concerning the use of the IASC Standards which included a recommendation to use the 30 IASC 2000 standards to prepare their financial statements.

In 2001, the IASC was restructured into the IASB. The IASB has issued new standards on complex issues such as share based payments and business combinations and completed a stable platform of accounting standards for large-scale adoption in the European Union and in a number of other countries in 2005.

As numerous countries around the world now engage in the adoption of IFRS in 2005 and beyond, the Technical Committee reaffirms its support for the development and use of IFRS. The Technical Committee recommends that its members allow multinational issuers to use IFRS in cross-border offerings and listings, as supplemented by reconciliation, disclosure and interpretation where necessary to address outstanding substantive issues at a national or regional level. It is hoped that issuers would be allowed in the foreseeable future to make use of IFRS without reconciliation.

Press release

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