Last week, the International Organization of Securities Commissions issued a statement supporting the use of International Financial Reporting Standards—now the required accounting method for European companies—with the hope that “issuers would be allowed in the foreseeable future to make use of IFRS without reconciliation.” The statement comes at a time when the IOSCO, of which the U.S. Securities and Exchange Commission is a member, is launching an initiative to raise the standards of cross-border cooperation among securities regulators.
In its three-page statement, the Technical Committee of the securities regulators group offers a two-pronged approach for its members to adopt that would facilitate such a full-scale global conversion to IFRS.
