• Register
Return to: Home > News > Standards > IFRS Foundation and World Bank sign MoU to promote IFRS in developing economies

IFRS Foundation and World Bank sign MoU to promote IFRS in developing economies

The IFRS Foundation and the World Bank have signed a Memorandum of Understanding (MoU) to assist developing economies in improving their use of IFRS.

The MoU aims at combining the IFRS Foundation technical expertise with the World Bank extensive network and presence worldwide.

IFRS Foundation chairman Michel Prada said that while in recent years many developing economies adopted IFRS, many of these countries need an additional support in their adoption and implementation of the standards.

Therefore, as part of the MoU, the two organisations will jointly develop educational programmes and materials both online and offline to support capacity building, enhance the knowledge of  IFRS and IFRS for SMEs and to support the implementation of these standards.

As part of the MoU, the IFRS Foundation and the World Bank have also committed to help developing economies with less advanced standard-setting capabilities to play a more active role in the work of the IFRS Foundation.

To implement the projects coming out of the MoU, the two organisations will form a coordination group which is set to meet on regular basis.

The IFRS Foundation and World Bank leaderships have scheduled their next meeting for November 2017 in Brazil, coinciding with the IFRS Foundation Trustees meeting.

The MoU can be accessed here.

Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.