The IFRS Foundation and the International Valuation Standards Council (IVSC) have announced a joint statement of protocols. The goal is the effective cooperation of the two organizations in this important area, with each organization continuing to assume sole responsibility for its standards.
Shared interest: The IVSC and the IFRS Foundation have a shared interest in the consistent measurement of fair value for financial reporting. Certain standards issued by the IFRS through the International Accounting Standards Board (IASB) use fair value as a measurement basis. The IASB has also published IFRS 13 Fair Value Measurement, which sets out the principles for measuring fair value when it must be used in other financial reporting standards. The IVSC has standards and guidance on fair value and other valuation measurements and facilitates collaboration and cooperation among its member organizations to help ensure consistent application.
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