The International Organization of Securities Commissions (IOSCO) and the IFRS Foundation have agreed a set of protocols designed to ensure international financial reporting standards (IFRS) are implemented consistently around the world.

The two organisations have been working together for over a decade, and state that the new agreements will deepen their co-operation on the development and implementation of IFRS globally by identifying four additional areas for mutually supportive work.

They will allow for timely communication between securities regulators and the IASB to facilitate early detection of implementation issues and the opportunity to prevent or limit the development of diversity in practice.

IOSCO has a membership of over 120 securities regulators overseeing 95% of the world's securities markets. It was instrumental in the creation of the International Accounting Standards Board (IASB) in 2000 and has a strong interest in the development of global accounting standards.

Michel Prada, chairman of the IFRS Foundation Trustees said: 'IOSCO and the IFRS Foundation have a common interest that global accounting standards be well developed and consistently applied in practice across varying national settings. Today's agreement with IOSCO is consistent with the conclusions of the IFRS Foundation 2011 Strategy Review and represents a big step forward to achieving that vision.'