The International Organization of Securities Commissions (IOSCO) has agreed to take a greater role in the adoption of IFRS during its inaugural meeting held in Madrid last week.
The decision came after IFRS Foundation Trustees chairman Michel Prada urged IOSCO’s board to actively participate in global efforts to implement IFRS.
According to Prada, international standards are a means to improve the comparability and integrity of financial statements worldwide.
IOSCO, also a global standard-setting body for securities regulation, said Prada’s proposal will be considered by the Committee on Multinational Disclosure and Accounting which promotes consistent regulatory interpretation and enforcement of IFRS.
IOSCO, whose membership regulates more than 95% of the world’s securities markets, set January 2013 as the deadline to sign a Multilateral Memorandum of Understanding (MMoU) on international enforcement cooperation and information sharing.
To date 89 IOSCO members have compromised to sign the MMoU, which is aimed at combating cross-border fraud and ultimately restore investors’ confidence in global markets.
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