The IFRS Foundation states that its mission is to develop IFRS Standards that bring transparency, accountability and efficiency to financial 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.[1]
The foundation is governed by a group of 22 trustees,[2] themselves under the oversight of a "Monitoring Board" of public authorities.[3]
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 International Accounting Standards Board, 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 1 March 2001. The IASC Foundation changed its name to IFRS Foundation on 1 July 2010.
During the first twenty years of activity, the IASB was the foundation's dominant standard-setting body. In 2021, the IFRS Foundation established a second standard-setting board under itself, the International Sustainability Standards Board.
Activities
The IFRS Foundation hosts the IASB (which issues IFRS Accounting Standards) and the ISSB (which issues IFRS Sustainability Disclosure Standards). A separate committee, the IFRS Interpretations Committee, supports the consistent application of IFRS Accounting Standards by developing interpretations, which are documents that complement and clarify specific standards and form part of the IFRS Standards set, and publishing agenda decisions, which are explanations of why further work on a Standard isn't required. Separately, the IASB sets out IFRS for small and medium-sized entities (SMEs) to better meet the specific needs of SMEs than is possible with the full IFRS Standards, which are intended primarily for publicly listed entities.[4] The IASB also develops and maintains the IFRS Taxonomy,[5] consisting of elements that can be used to tag disclosures in financial statements 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 Taxonomy content.
Organisation and governance
The Columbus Building at 7 Westferry Circus in Canary Wharf has been home to the IFRS Foundation and IASB since August 2018[6]the building at 30, Cannon Street was the previous head office of the IFRS Foundation and IASB, from 2001 to 2018
The IFRS Foundation is funded in part by country-specific funding regimes involving stakeholder groups, or levies and other contributions through regulatory authorities, and also by self-generated income.[7]As of 2022,[update] its executive director is Lee White.[8]
The foundation is governed by a board of 22 trustees,[2] including, as of 2022[update]:
The trustees' responsibilities[11] include appointing members to and establishing the operating procedures of the IASB, Interpretations Committee and Advisory Council, and approving the foundation's budget. They are accountable to a monitoring board of public authorities, the IFRS Foundation Monitoring Board.
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