IVSC and IFAC Renew MoU Related to Business Reporting

Tuesday, October 30, 2012 Print Email

The IFAC as well as the IVSC have refreshed their MoU (Memorandum of Understanding) and are planning to bolster their efforts for improving confidence in business related reporting. The Memorandum of Understanding that was earlier signed in 2009, establishes a procedure to help auditors and values understand the standards which are appropriate for statements. This deal is going to assist both IVSC and IFAC to fulfill their objective of retaining confidence and determination in business related reporting in private as well as public sectors. Actions as per the Memorandum of Understanding are created to foster acceptability and credibility of valuations that are prepared as per the International Valuation Standards.

Roel Campos, IVSC interim chairman stated that this particular agreement pertaining to renewing of the earlier MoU is a reflection of the existing commitment and dedication by IFAC and IVSC in terms of strengthening alliance between both the organizations. Campos also clarified that this demonstrates the united and cohesive approach of the International Valuation Standards Committee and the International Federation of Accountants as well as its independently functioning standard creating boards in maintaining reporting standards even as globally markets grows and develops.

The Memorandum of Understanding is a reflection of the IFAC’s and IVSC’s shared belief that the transparency offered by the premium quality international reporting standards contributes to a significant extent towards the functioning of capital markets as well as economy’s growth. The Memorandum of Understanding acknowledges the existing work related relation between the IFAC, the International Auditing and Assurance Standards Board and IFAC that has full support from the IFAC. The Memorandum of Understanding is also anticipating closer work relation relations between other IFAC groups and IVSC.

Goran Tidstrom, President IFAC stated that the existing financial downturn has revealed the relevance of transparency when it comes to financial reporting by both public and private sector organizations. The International Valuation Standards Committee has been one of the members of the International Auditing and Assurance Standards Board’s Consultative Advisory Group. Both the organizations also have memberships in the PSTF. This particular agreement will strengthen the existing relations between the IFAC and IVSC and will provide a platform for cooperation further.

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