The International Financial Reporting Standards Foundation or IFRS Foundation (sometimes IFRSF) is a

nonprofit organization A nonprofit organization (NPO), also known as a nonbusiness entity, nonprofit institution, not-for-profit organization, or simply a nonprofit, is a non-governmental (private) legal entity organized and operated for a collective, public, or so ...

that sets corporate reporting standards for the capital markets globally. Its main objectives include the development and promotion of

International Financial Reporting Standards International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's fi ...

(IFRS Standards), through the

International Accounting Standards Board The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). ...

(IASB) for accounting standards and the

International Sustainability Standards Board The International Sustainability Standards Board (ISSB) is a standard-setting body established in 2021–2022 under the IFRS Foundation, whose mandate is the creation and development of sustainability-related financial reporting standards to mee ...

(ISSB) for sustainability-related disclosure standards. The IFRS Foundation states that its mission is to develop IFRSs that bring transparency, accountability and efficiency to capital markets around the world, and that their work serves the public interest by fostering trust, growth and long-term financial stability in the global economy.IFRS Foundation
About the IFRS Foundation and the IASB
Retrieved June 20, 2024. The Foundation is governed by a group of 22 trustees,Deloitte Global Services Limited, 2012
IFRS Foundation
Retrieved April 25, 2012. themselves under the oversight of a "Monitoring Board" of public authorities.IFRS Foundation
IFRS Foundation Monitoring Board
Retrieved June 20, 2018.

Background

In 2001, the International Accounting Standards Committee (IASC, established 1973) reformed itself under a new dual structure consisting mainly of an independent standard-setting body, the

, and a foundation that appoints and funds the IASB, initially named the IASC Foundation. The IASB assumed accounting standard-setting responsibilities from the IASC on . The IASC Foundation changed its name to IFRS Foundation on . During the first twenty years of activity, the IASB was the IFRS Foundation's dominant standard-setting body. In 2021, the IFRS Foundation created a second standard-setting board, the

Activities

IFRS Accounting The IASB is an independent group of experts with an appropriate mix of recent practical experience and broad geographical diversity, as required by the IFRS Foundation ''Constitution''.IFRS Foundation, 2021
IFRS Foundation ''Constitution''
Retrieved November 29, 2024. IASB members are responsible for the development and publication of IFRS Accounting Standards, including the ''IFRS for SMEs'' Accounting Standard. The IASB works with the IFRS Interpretations Committee to support consistent application of the Standards. IFRS Accounting Standards are required for use by more than 140 jurisdictions.IFRS Foundation
Use of IFRS Accounting Standards around the world
Retrieved November 29, 2024. The IASB’s work includes continually developing and improving the Standards. IFRS Sustainability Responding to the need for consistent and comparable sustainability information to inform economic and investment decisions, in 2021 the IFRS Foundation created the International Sustainability Standards Board (ISSB)IFRS Foundation
IFRS Foundation announces ISSB
Retrieved November 29, 2024. which operates alongside the IASB. The ISSB develops IFRS Sustainability Disclosure Standards, designed to deliver a truly global baseline of sustainability disclosures to inform capital markets. The ISSB builds on the work of market-led investor-focused reporting initiatives, including the Climate Disclosure Standards Board (CDSB), the Task Force on Climate-related Financial Disclosures (TCFD), the Value Reporting Foundation’s Integrated Reporting Framework and industry-based SASB Standards. The ISSB issued its inaugural Standards, IFRS S1 ''General Requirements for Disclosure of Sustainability-related Financial Information'' and IFRS S2 ''Climate-related Disclosures'', in 2023. Jurisdictions around the world are determining how to adopt or use the Standards. IFRS digital taxonomies The IFRS digital taxonomies facilitate the reporting of information prepared in accordance with IFRS Standards in a computer-readable, structured data format. They consist of elements that can be used to tag information in financial reports prepared using IFRS Standards. Tagging makes information computer-readable and, therefore, more accessible to investors and other users of electronic company financial reports. The eXtensible Business Reporting Language (XBRL) is used to represent and deliver IFRS TaxonomyIFRS Foundation
Digital Financial Reporting
Retrieved November 29, 2024. content. The IFRS digital taxonomies include the IFRS Accounting Taxonomy, the IFRS Sustainability Disclosure Taxonomy and the SASB Standards Taxonomy.

Organisation and governance

The IFRS Foundation receives contributed revenue made up of voluntary contributions from jurisdictions, ISSB seed funding, philanthropic grants and contributions from companies. The Foundation receives earned revenue from intellectual property licensing, publications, subscriptions, membership fees, education programmes and conferences.IFRS Foundation
Financing
Retrieved April 26, 2018. its managing director is Michel Madelain.IFRS Foundation
Michel Madelain appointed as MD
Retrieved September 13, 2024. The Foundation is governed by a board of 22 trustees, including, : * Erkki Liikanen (Chair), previously a governor of the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...

and a member of the Governing Council of the European Central Bank; * Teresa Ko (Vice-Chair), Freshfields Bruckhaus Deringer's China Chairman and Founding Partne

* Maria Theofilaktidis (Vice-Chair), Executive Vice President and Chief Auditor at

Scotiabank The Bank of Nova Scotia (), operating as Scotiabank (), is a Canadian multinational corporation, multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada's Big Five (banks), Big Five banks, it is the ...

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The trustees' responsibilitiesIFRS Foundatio
Trustee responsibilities
Retrieved June 20, 2018. include IFRS Foundation governance, strategy and funding; due process oversight; and IASB, ISSB, IFRS Interpretations Committee and advisory body appointments. They are accountable to a monitoring board of public authorities, the IFRS Foundation Monitoring Board.

List of IFRS Foundation Trustee chairs

Paul Volcker Paul Adolph Volcker Jr. (September 5, 1927 – December 8, 2019) was an American economist who served as the 12th chair of the Federal Reserve, chairman of the Federal Reserve from 1979 to 1987. During his tenure as chairman, Volcker was widely ...

(2000–January 2006) * Tommaso Padoa-Schioppa (January–May 2006) * Philip A. Laskawy (May 2006–December 2007) *

Gerrit Zalm Gerrit Zalm (; born 6 May 1952) is a retired Dutch people, Dutch politician of the People's Party for Freedom and Democracy (VVD) and businessman. Zalm studied Economics at the Vrije Universiteit Amsterdam, obtaining a Master of Economics degree ...

(December 2007–June 2010) * Tommaso Padoa-Schioppa (June–December 2010) * Robert R. Glauber and Tsuguoki Fujinuma (acting co-chairs, December 2010–December 2011) * Michel Prada (December 2011–October 2018) * Erkki Liikanen (October 2018–present)

References

External links