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The MoU creates a cooperation process to enable valuers and auditors to obtain a better mutual understanding of standards relevant to financial statements, and will help both organisations pursue their objective of maintaining confidence in business reporting in both the public and private sectors. Actions under the MoU are also designed to promote the credibility and acceptability of valuations prepared in accordance with the International Valuation Standards.
The MoU acknowledges the ongoing working relationships between the IVSC, IFAC, and the International Auditing and Assurance Standards Board (IAASB), which is supported by IFAC. The MoU also anticipates closer working relationships between IVSC and other IFAC activity groups.
Roel Campos, Interim Chairman of the Board of Trustees for the IVSC, states: “This agreement to renew the earlier Memorandum of Understanding represents an ongoing commitment by both IVSC and IFAC to strengthen cooperation between the two organisations. It demonstrates the cohesive and united approach of the IVSC, IFAC, and its independent standard-setting boards to maintaining standards as global markets continue to develop.”
“The ongoing financial crisis has shown the importance of transparency in financial reporting by both private and public sector entities”, said Göran Tidström, president of IFAC. “The IVSC has served as a member of the IAASB’s Consultative Advisory Group, and the organisations are both members of the Private Sector Task Force (PSTF). This agreement strengthens the already close ties between the IVSC and IFAC and will serve as a platform for further cooperation.”