International Financial Reporting Standards (IFRS) Foundation

The International Financial Reporting Standards (IFRS) Foundation is an independent, not-for-profit organization established to develop high-quality, understandable, enforceable, and globally accepted standards for financial reporting. These standards, known as IFRS Standards, aim to bring transparency, accountability, and efficiency to financial markets worldwide, fostering trust and growth in the global economy.

Key aspects of the IFRS Foundation include:

  • Standard-Setting Boards: The Foundation oversees two main boards: the International Accounting Standards Board (IASB), responsible for developing accounting standards, and the International Sustainability Standards Board (ISSB), which focuses on sustainability-related disclosure standards.
  • Global Adoption: IFRS Standards are mandated or permitted in over 140 jurisdictions, making them a de facto global language for financial reporting.
  • Public Interest Focus: Operating in the public interest, the Foundation seeks to promote financial stability and long-term economic growth by enhancing the quality and comparability of financial information.

Through its work, the IFRS Foundation plays a pivotal role in harmonizing financial reporting standards, thereby facilitating cross-border investments and economic integration.

Source(s):