IFRS Foundation (2024)

Table of Contents
Constitution Objectives of the IFRS Foundation Responsibilities of the Trustees Trustee voting IFRS Foundation Trustees IFRS Foundation XBRL Project Related news IASB issues podcast on latest Board developments (May 2024) Major economies advance towards unified sustainability standards IFRS Foundation and GRI aim to deliver full interoperability between ISSB and GRI standards IFRS Foundation proposes update to IFRS Taxonomy 2024 IFRS Foundation to launch webcast series on sustainability disclosures IFRS Foundation survey on digital content IFRS Foundation publishes its 2023 annual report IFRS Foundation seeks Trustee applications 2024 IFRS Accounting Taxonomy issued IFRS Foundation conference announced MB discusses the ongoing activities of the IFRS Foundation IFRS Foundation releases summary of national standard-setters' research on materiality judgement guidance IFRS Foundation announces availability of translated content IFRS Foundation translations IFRS Foundation video on proposed changes to IFRS Accounting Taxonomy 2023 GRI establishes 'Sustainability Innovation Lab' IFRS Foundation proposes further updates to IFRS Taxonomy 2023 IFRS Foundation announces availability of translated content IFRS Foundation Trustees meet in Panama to advance global financial standards Agenda for the October 2023 SCC meeting IFRS Foundation announces Trustee appointments and re-appointments IFRS Foundation proposes update to IFRS Taxonomy 2023 Updated brochure on consistent application Annual ECON exchange of views with representatives of the IFRS Foundation IFRS Foundation announces availability of translated content FAQs

IFRS Foundation (1)

The IFRS Foundation is the legal entity under which the International Accounting Standards Board (IASB) operates. The Foundation is governed by a board of 22 trustees.

IFRS Foundation is the new name, approved in January 2010, of the IASC Foundation. The name change formally took effect on 1 July 2010. From that date, the Foundation's website (including IASB materials) also changed to www.ifrs.org and email addresses changed to end in '@ifrs.org'.

Constitution

Objectives of the IFRS Foundation

The objectives of the IFRS Foundation are:

  • to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. These standards should require high quality, transparent and comparable information in financial statements and other financial reporting to help investors, other participants in the world’s capital markets and other users of financial information make economic decisions
  • to promote the use and rigorous application of those standards
  • in fulfilling the above objectives, to take account of, as appropriate, the needs of a range of sizes and types of entities in diverse economic settings
  • to promote and facilitate adoption of International Financial Reporting Standards (IFRSs), being the standards and interpretations issued by the IASB, through the convergence of national accounting standards and IFRSs.

Responsibilities of the Trustees

The Trustees of the IFRS Foundation have responsibility to:

  • assume responsibility for establishing and maintaining appropriate financing arrangements;
  • establish or amend operating procedures for the Trustees;
  • determine the legal entity under which the IFRS Foundation shall operate, provided always that such legal entity shall be a foundation or other body corporate conferring limited liability on its members and that the legal documents establishing such legal entity shall incorporate provisions to achieve the same requirements as the provisions contained in this Constitution;
  • review in due course the location of the IFRS Foundation, both as regards its legal base and its operating location;
  • investigate the possibility of seeking charitable or similar status for the IFRS Foundation in those countries where such status would assist fund raising;
  • open their meetings to the public but may, at their discretion, hold certain discussions (normally only about selection, appointment and other personnel issues, and funding) in private; and
  • publish an annual report on the IFRS Foundation's activities, including audited financial statements and priorities for the coming year.

    The Trustees also have responsibility to:

      • appoint the members of the IASB and establish their contracts of service and performance criteria;
      • appoint the members of the IFRS Interpretations Committee (the Interpretations Committee) and the IFRS Advisory Council (the Advisory Council);
      • review annually the strategy of the IFRS Foundation and the IASB and its effectiveness, including consideration, but not determination, of the IASB's agenda;
      • approve annually the budget of the IFRS Foundation and determine the basis for funding;
      • review broad strategic issues affecting financial reporting standards, promote the IFRS Foundation and its work and promote the objective of rigorous application of IFRSs, provided that the Trustees shall be excluded from involvement in technical matters relating to financial reporting standards;
      • establish and amend operating procedures, consultative arrangements and due process for the IASB, the Interpretations Committee and the Advisory Council;
      • review compliance with the operating procedures, consultative arrangements and due process;
      • approve amendments to this Constitution after following a due process, including consultation with the Advisory Council and publication of an exposure draft for public comment and subject to the voting requirements given in section 14;
      • exercise all powers of the IFRS Foundation except for those expressly reserved to the IASB, the Interpretations Committee and the Advisory Council; and
      • foster and review the development of educational programmes and materials that are consistent with the IFRS Foundation's objectives.

      Trustee voting

      The Trustees act by simple majority vote except for amendments to the IFRS Foundation Constitution, which require a three-fourths majority.

      IFRS Foundation Trustees

      Click here for a list of the IFRS Foundation Trustees.

      IFRS Foundation XBRL Project

      An IFRS Foundation team Click here for information about the IFRS XBRL taxonomy.

      See Also
      Use of IFRS by jurisdictionDiploma in IFRS ACCA (UK) - KPMG IndiaScope of IFRS in India: Your Complete Career Guide | SOE Global

      Related news

      • IASB issues podcast on latest Board developments (May 2024)

      • 29 May 2024

      • The IASB has released a podcast hosted by Executive Technical Director Nili Shah featuring IASB Vice-Chair Linda Mezon-Hutter and IASB Member Nick Anderson discussing the deliberations held during the May 2024 IASB meeting.

      • Major economies advance towards unified sustainability standards

      • 28 May 2024

      • During the IOSCO annual meeting in Athens, the IFRS Foundation unveiled its inaugural Jurisdiction Guide to assist regulators in implementing the ISSB Standards. The guide aims to help jurisdictions navigate their adoption or alignment processes, ensuring consistent and comparable sustainability-related disclosures across markets.

      • IFRS Foundation survey on digital content

      • 10 May 2024

      • The IFRS Foundation is exploring options for introducing an epub service and is seeking feedback on the current service, and input on possible new products and their features.

      • IFRS Foundation seeks Trustee applications

      • 28 Mar 2024

      • The IFRS Foundation is seeking Trustees from Africa, two from Asia-Oceania, and one from any part of the world ('at large') for terms beginning on 1 January 2025.

      • 2024 IFRS Accounting Taxonomy issued

      • 27 Mar 2024

      • The IFRS Foundation has issued its 2024 IFRS Accounting Taxonomy. The IFRS Taxonomy enables electronic reporting of financial information prepared in accordance with IFRS Accounting Standards.

      • IFRS Foundation conference announced

      • 06 Mar 2024

      • The IFRS Foundation has announced its annual IFRS Foundation conference, which is to be held on 24–25 June 2024. The conference with include discussions and speeches on both, IASB and ISSB developments. It will be held in London.

      • MB discusses the ongoing activities of the IFRS Foundation

      • 05 Mar 2024

      • The IFRS Foundation Monitoring Board (MB) has released a report on the meeting with the IFRS Trustees and the leadership of the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB) in Madrid, Spain.

      • GRI establishes 'Sustainability Innovation Lab'

      • 09 Nov 2023

      • The Global Reporting Initiative (GRI) has announced the upcoming launch of the Sustainability Innovation Lab (SIL), in partnership with the IFRS Foundation. Through the SIL, representatives of GRI, the ISSB and other key stakeholders will collaborate to identify emerging sustainability disclosure topics, developing concepts, best practices and data-driven solutions.

      • Agenda for the October 2023 SCC meeting

      • 11 Oct 2023

      • The Sustainability Consultative Committee (SCC) will meet via video conference on 12 October 2023. An agenda for the meeting is now available on the IFRS Foundation website.

      • IFRS Foundation announces Trustee appointments and re-appointments

      • 06 Oct 2023

      • The IFRS Foundation has announced the appointment of Bertrand Badré, Rudolf Bless, Morgan Després, Chong-Tee Ong, and Richard Sexton as Trustees of the IFRS Foundation. Their appointments will begin on 1 January 2024 and will expire on 31 December 2026.

      • IFRS Foundation proposes update to IFRS Taxonomy 2023

      • 05 Oct 2023

      • The IFRS Foundation has issued a proposed IFRS Taxonomy Update, 'IFRS Accounting Taxonomy 2023 — Proposed Update 1 'International Tax Reform—Pillar Two Model Rules', 'Supplier Finance Arrangements' and 'Lack of Exchangeability''.

      • Annual ECON exchange of views with representatives of the IFRS Foundation

      • 04 Sep 2023

      • The annual exchange of views between the Committee on Economic and Monetary Affairs (ECON) of the European Parliament and representatives of the IFRS Foundation took place this afternoon. Erkki Liikanen, Chairman of the IFRS Foundation Trustees, IASB Chairman Andreas Barckow and ISSB Chairman Emmanuel Faber stood ready to answer questions of the Parliamentarians.

      All Related

      IFRS Foundation (2024)

      FAQs

      What is the hardest IFRS standard? ›

      IFRS 9 Financial Instruments is one of the most challenging standards because it's sooo complex and sometimes complicated. It belongs to the “Big 3” – the three difficult standards that were significantly amended or newly issued in the past years: IFRS 9 Financial Instruments: adoption date = 1 January 2018.

      Show Me More ›
      How do I complete IFRS? ›

      IFRS Course Registration
      1. Two years' relevant accounting experience and a relevant degree (attracting at least ACCA qualification exemptions for the Applied Knowledge and Corporate and Business Law (LW) exams)
      2. Two years' relevant accounting experience and an ACCA Certificate in International Financial Reporting.

      Learn More ›
      What is the purpose of the IFRS Foundation? ›

      The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards.

      Learn More ›
      How successful is IFRS? ›

      IFRS was successful in creating a common accounting language for capital markets. Evidence suggests that IFRS [Accounting] Standards adoption has largely been positive for listed companies.

      Read On ›
      Is IFRS no longer on the CPA exam? ›

      Certain topics that the CPA Exam has tested in the past will no longer be assessed after the practice analysis found they are less relevant to work currently performed by newly licensed CPAs. Candidates no longer will be tested on the differences between IFRS and U.S. GAAP.

      Find Out More ›
      Why doesn t america use IFRS? ›

      Some reasons for the U.S. not embracing the standards convergence are: U.S. firms are already familiar with the existing standards; the inability or low ability to culturally relate to other countries' accounting systems; and a lack of good understanding of the international principles.

      Learn More Now ›
      How long does it take to study for IFRS? ›

      In a nutshell, it will take around 4-5 months to prepare yourself well for the Diploma IFRS examination. Diploma IFRS is a widely accepted qualification and thus, should not be considered as a cake walk. It is thus important not to take it casually as well as not to be nervous at the same time.

      Show Me More ›
      How to clear the IFRS exam? ›

      Constant practice is vital for understanding How to pass Diploma in IFRS Exams and exam format. Lots of time should be spent solving practice questions, past papers, and mock exams, to evaluate your understanding and pinpoint weak areas. Instead of rote learning, strive to understand the principle behind each question.

      Know More ›
      How to learn IFRS for free? ›

      Deloitte has developed a series of IFRS training modules which are offered free (upon registration) as a public service. Each module (approximate size: 3MB) can be downloaded as a . zip file and provides: Real life scenarios to demonstrate application of the standards.

      Know More ›
      What is the work of IFRS Foundation? ›

      The objectives of the IFRS Foundation are: to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.

      See Details ›

      What is the main goal of IFRS? ›

      The purpose of IFRS is that entities have common accounting rules that allow financial statements to be consistent, reliable, and comparable between every business in any country.

      Keep Reading ›
      Who runs the IFRS? ›

      The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs).

      Read More ›
      Is IFRS 9 difficult? ›

      IFRS 9 will require complicated calculations to be done within short timescales and using a large amount of data. In turn, this requires a robust and flexible systems infrastructure.

      Explore More ›
      Why is IFRS so important? ›

      Why Is IFRS Important? IFRS fosters transparency and trust in the global financial markets and the companies that list their shares on them. If such standards did not exist, investors would be more reluctant to believe the financial statements and other information presented to them by companies.

      Discover More Details ›
      What is the most complex IFRS? ›

      IFRS 9 is probably the most complicated accounting standard ever issued, written to address the accounting weaknesses claimed to have contributed to the global financial crisis and intended to be fit for purpose for the most complex banking and financial services companies.

      Find Out More ›
      What is the most important IFRS standard? ›

      The most important IFRS which affect almost all the entities of all size and nature are: IFRS on Financial Instruments including IFRS 9. IFRS 2 Share based payment. IAS 33 EPS.

      Tell Me More ›
      Is IFRS 17 complicated? ›

      Complexity: IFRS 17 is a complex standard that requires a thorough understanding of insurance contracts and the underlying financial and actuarial concepts.

      Know More ›
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