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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.

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