Some of the major recommendations were to bridge the gaps between International Financial Reporting Standards (IFRSs) and Indian accounting standards, strengthening the monitoring and enforcement mechanism, introducing practices to ensure compliance with code of ethics by auditors of public interest entities and taking steps for improving professional education and training arrangements. 8.
﻿[ 7] Over the past 18 months, various working groups of the GFXC, drawing on a diverse group of market participants and central banks, have been working on the review. The proposed updates to the Code have been through a number of rounds of feedback with market participants through the FXCs round the world, as well as a public feedback process.