The International Organization of Securities Commissions (IOSCO) and the IFRS Foundation on Wednesday unveiled a new agreement that is intended to facilitate co-operative efforts at improving market transparency through the development and consistent application of global financial reporting standards.

The agreement, which builds on a previous arrangement between the organizations that was reached in 2013, aims to: facilitate strategic discussions of financial reporting issues between the organizations; encourage information sharing and greater input from IOSCO to the standard-setting process; and enhance co-operation to support consistent global application of the IFRS standards.

“This new protocol between IOSCO and the IFRS Foundation will further enhance the way in which the two organisations work together to ensure that global capital markets are founded on sound and transparent financial disclosure,” says Ashley Alder, chairman of the IOSCO board.