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The Board of the International Organization of Securities Commissions (IOSCO) has agreed to consider an IFRS Foundation request to play a larger role in global efforts to further the international adoption and implementation of International Financial Reporting Standards (IFRS).
The IOSCO Board, which was formed as part of a restructure of IOSCO earlier this year, agreed to consider the move in response to a request in a meeting with Michel Prada, the Chairman of the Trustees of the IFRS Foundation, "as a means to improve the comparability and integrity of financial statements across the globe".
IOSCO’s Committee on Multinational Disclosure and Accounting will take up the proposal. The Committee was previously a standing sub-committee of the IOSCO Technical Committee which has now been subsumed within the IOSCO Board. The proposals would extend the previously stated responsibilities of the Committee, which include monitoring the development and interpretation of IFRS, providing comments on proposed standards and interpretations, and promoting consistent regulatory interpretation and enforcement of IFRS.
The development was announced by IOSCO as part of outlining the outcomes of the IOSCO Board's inaugural meeting held on 3-4 October 2012. The meeting also saw discussion on work mandated by the G20 Leaders and the Financial Stability Board (FSB) on regulatory reform, together with other projects, including such topics as global legal entity identifiers, over-the-counter derivatives, regulation of money market funds and oil price reporting. The meeting also considered emerging market perspectives and noted support for the possible creation of an IOSCO Foundation.
Source: IAS Plus
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