IOSCO statement on the implementation of new accounting standards
The International Organization of Securities Commissions (IOSCO) has published a statement asking companies to disclose the likely effects of the new standards on revenue, financial instruments, and leases as these 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. 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.