Development and implementation of IFRS Standards
On 14 May 2016, IOSCO (the International Organization of Securities Commissions) and the IFRS Foundation announced a Statement of Protocols that sets out their joint objective of promoting and facilitating transparency within capital markets through the development and consistent application of IFRS Standards.
Keywords: Mazars, Thailand, IFRS, IOSCO, IASB
7 July 2016
The Statement identifies three areas of interaction between the organisations:
- Strategic discussions of broad financial reporting issues during periodic meetings between the leadership of the two organisations and members of the Board;
- Development of IFRS Standards: the IASB’s projects and initiatives will be discussed regularly with IOSCO, which will respond to the exposure drafts published by the IASB, commenting in particular on financial reporting suitability and on enforceability issues;
- Implementation of IFRS standards: the sharing of information by the two organisations will be strengthened in order to support the application of IFRS Standards on a globally consistent basis and to limit the development of divergent practices.
The Statement of Protocols can be consulted.