The IFRS Foundation and the International Valuation Standards Council have signed a joint statement of protocols for cooperating on International Financial Reporting Standards and International Valuation Standards in the area of fair value measurement.

The IVSC and the IFRS Foundation said Thursday they have a shared interest in the consistent measurement of fair value for financial reporting, noting that certain standards issued by the International Accounting Standards Board, which is overseen by the IFRS Foundation, use fair value as a measurement basis.

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