IOSCO to Play an Important Role in Furthering IFRS
The IOSCO has decided to play a major part in furthering the adoption and implementation of IFRS internationally, upon special request of the IFRS Foundation. The Board of IOSCO (the International Organization of Securities Commissions) that was incepted to restructure IOSCO at the beginning of 2012, resolved to offer assistance upon request of Michel Prada, chairman, Trustees of the IFRS Foundation.
The Committee on Multinational Disclosure and Accounting of ISOCO is going to accept the proposal. This particular committee was earlier a standing sub division of the IOSCO Technical Committee that has now been incorporated in the IOSCO board. The proposals revolve around monitoring the interpretation and development of the IFRIC, offering comments on proposed interpretations and standards as well as promoting continuous regulatory enforcement and interpretation of IFRS. This development was clarified by IOSCO in its efforts to outline the conclusions of the Board’s meeting that was held on 3-4th of October in 2012. During the meeting discussions regarding work assigned by the leaders of the G20 as well as FSB on regulatory related reforms apart from many other projects were also discussed. At the meeting the members also discussed emerging trends pertaining to market as well as took note of the possible setting up of the IOSCO Foundation.
The meeting, which was held in Madrid also saw members discuss IOSCO’s efforts towards tackling the risks to securities markets and investors in a much more proactive manner. The meeting also emphasized on the advantages of engaging early with stakeholders in an effort to offer strategy related input for Board of the International Organization of Securities Commission’s main role as well as underlined the progress made by IOSCO in improving global co-operation.
The board also took some important decisions related to work in varied areas and reached an agreement regarding the future steps to be taken with regard to report prepared by IOSCO on the Credit Default Swap Market.After the meeting a roundtable discussion was also conducted in which eighteen senior executive from the area of financial services across the globe also participated to hold discussions regarding risks involved in IOSCO’s remittance were also considered