ESMA and the IFRS Foundation today announced an updated set of protocols under which the two organisations will deepen their cooperation on the development of IFRS Standards and support for their consistent application across the European Union.
The Statement of Protocols published today builds on many years of cooperation between the two organisations, reflecting their work to support investors and the efficient running of capital markets. It updates an agreement from 2014 and outlines how the two organisations will continue working together in the development of IFRS Standards and in supporting the consistent implementation and application of the Standards.
Commenting on this agreement, Steven Maijoor, Chair of ESMA, said:
I am pleased that ESMA and the IFRS Foundation have committed to further strengthening their cooperation together. Ensuring the consistency of financial information and improving the quality of the information provided to investors is fundamental in allowing capital markets to flourish. I look forward to continuing to work with the IFRS Foundation towards achieving this common goal.
Michel Prada, Chairman of the IFRS Foundation Trustees, said:
ESMA and the IFRS Foundation have a shared interest in promoting the reporting of financial information that is useful to investors. We will work together to share information that is relevant for the Board’s standard-setting and support the regulator in its role to promote consistent application of IFRS Standards.
The ESMA/IFRS Foundation Statement of Protocols is available to download here.