The Board of the International Organization of Securities Commissions (IOSCO) published today a Statement on Implementation of New Accounting Standards related to revenue, financial instruments, and leases.
The three new International Financial Reporting (IFRS) Standards, issued by the International Accounting Standards Board, are expected to significantly affect the financial statements of many issuers globally, given the breadth of their applicability.
The Statement highlights the importance of the implementation process by issuers and their audit committees, and the full, accurate and timely disclosures of the possible impacts of adopting the new
standards. The Statement also provides a series of matters for issuers, as well as their audit committees and auditors, to consider as issuers adopt the new standards and auditors perform related audit
procedures.
Both the IOSCO Objectives and Principles of Securities Regulation and the IFRS Standards indicate the need for transparent disclosure by issuers regarding the possible impact that the application of new
standards will have on the issuer´s financial statements. IOSCO considers the accuracy, integrity, and comparability of issuer disclosure to be essential for maintaining investor confidence and therefore
facilitating a stable international financial system.