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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.

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