The aim of the agreement is to ensure that both organisations are able to co-operate effectively in this important area with each organisation continuing to assume sole responsibility for their Standards.
The statement of protocols:
- captures and recognises the nature of the present and continuing co-operation between the IVSC and the IFRS Foundation in developing standards and guidance on fair value measurement that will support financial statements prepared in accordance with IFRS;
- identifies areas of mutually supportive work that each institution will use its best endeavours to undertake; and
- provides for continued future co-operation between the IVSC, the IASB and the IFRS Foundation.
The full statement of protocols can be viewed here.