The IFRS Foundation has signed a memorandum of understanding (MoU) with the Basel Committee on Banking Supervision (BCBS) for long term financial stability, improving market discipline, and to develop information sharing.

BCBS is the primary global standard setter for the regulation of banks, providing a forum for cooperation on banking supervisory matters.

The MoU focuses on the development of IFRS standards and their interaction with the BCBS framework, as well as the manner these are applied in global practice by financial institutions.

IFRS Foundation Trustees chair Michael Prada said: “There is a real desire for international organisations to be more joined up when developing standards for global finance.  This agreement will help achieve that by strengthening and formalising the already high levels of cooperation between the IFRS Foundation and the Basel Committee.”

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