Bodies to confer on IFRS application

News Article - 22 May 2012
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A number of financial bodies signed a protocol yesterday which would allow the organisations to share information on how they apply international financial reporting standards.

The Financial Reporting Council (FRC), the Financial Services Authority and the Securities and Exchange Commission (SEC) signed the protocol which allows for the creation of a work plan between the SEC and the Committee of European Securities Regulators (CESR).

Paul Boyle, the FRC's chief executive, said that the agreement would help build confidence in corporate reporting in the UK.

"High quality and consistent application of IFRS is critical to the future of global accounting standards.

"Sharing information under this protocol should help to promote this goal," he added, stating that the deal was in the interests of companies listed in the UK and US.

Last summer, the SEC and CESR published a joint work plan after the organisations' chairmen called for greater dialogue between the two bodies.

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