–  Second, major jurisdictions have overhaulied their regulatory and supervisory structures to strengthen responsiveness to risks, improve coordination and close gaps. The FSB is in many ways the international manifestation of these efforts;  –  Third, the regulatory perimeter is being expanded.
It is no wonder that in 1998, the Institute of Certified Public Accountants of Kenya (ICPAK), moved from Kenya Accounting Standards in favour of International Accounting Standards. The Central Bank as the principal regulator of banks and non-bank financial institutions, formulates prudential guidelines that are in harmony with IFRS in order to minimize conflict and enhance compliance with international standards.