The International Organization of Securities Commissions (IOSCO) announced that it is establishing arrangements for regulators to share decisions on the application of the International Financial Reporting Standards (IFRS). The adoption of
IFRS in many national jurisdictions and their use in numerous cross-border transactions should help to achieve convergence towards high quality global accounting standards that provide transparent and comparable information in general purpose financial reports.
IOSCO will assist participating regulators in cataloguing in a database, decisions made by regulators concerning application of IFRS. This will provide a reference source for input to future regulatory decisions. IOSCO anticipates that the database will be operational by the second half of 2006. The database will be developed in parallel with the CESR-Fin approach to facilitate coordination of these activities.
Press release
© IOSCO
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