The International Organization of Securities Commissions and the IFRS Foundation agreed on a set of protocols Wednesday under which the two organizations will deepen their cooperation to develop International Financial Reporting Standards and apply them consistently across the globe.

IOSCO develops and promotes adherence to internationally recognized standards for securities regulation. Its membership includes more than 120 securities regulators overseeing 95 percent of the world’s securities markets. The mission of the IFRS Foundation, through the standard-setting body it oversees, the International Accounting Standards Board, is to develop a single set of high-quality global accounting standards.

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