The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

IOSCO releases statement in support of the IASB

On February 10 2005, the Technical Committee of the International Organization of Securities Regulators (IOSCO) issued a "Statement on the Development and Use of International Financial Reporting Standards [IFRS] in 2005".

The statement acknowledges the efforts of the International Accounting Standards Committee (IASC) and its International Accounting Standards Board (IASB), by noting that the IOSCO Technical Committee:

  • supports the International Accounting Standards Committee (IASC) Trustees' ongoing review of their Constitution and their work in developing the International Accounting Standards Board (IASB) as a globally accepted strong, competent and independent standard setter.

  • has developed a close and constructive relationship with the IASB, and

  • commends the IASB on the completion of the stable platform of International Financial Reporting Standards (IFRS) for large scale adoption in the European Union and in a number of other countries in 2005.

More broadly, the statement makes the following conclusions and recommendations with respect to global convergence: The IOSCO Technical Committee:

  • reaffirms its support for the development and use of IFRS as a set of high quality international standards in cross-border offerings and listings.

  • recommends that its members [member regulators] 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, and

  • further encourages its members [member regulators] to continually evaluate such supplemental treatments as the implementation of IFRS continues and as the global financial reporting infrastructure is enhanced to encourage the consistent application and enforcement of IFRS.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree