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

nonprofit organization A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...

that oversees financial reporting standard-setting. Its main objectives include the development and promotion of the

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 f ...

(IFRS), through the International Accounting Standards Board (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 me ...

for sustainability-related standards (the latter known as IFRS-S). 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.IFRS Foundation, 2018
About the IFRS Foundation and the IASB
Retrieved on June 20, 2018. The foundation is governed by a group of 22

trustees Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility to t ...

,Deloitte Global Services Limited, 2012
IFRS Foundation
Retrieved on April 25, 2012. themselves under the oversight of a "Monitoring Board" of public authorities.IFRS Foundation Monitoring Board
IFRS Foundation Monitoring Board
Retrieved on June 20, 2018.

Background

In 2001, the

International Accounting Standards Committee The International Accounting Standards Committee (IASC) was founded in June 1973 in London at the initiative of Sir Henry Benson, former president of the Institute of Chartered Accountants in England and Wales. The IASC was created by national acc ...

(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 . The IASC Foundation changed its name to IFRS Foundation on . 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

Activities

The IFRS Foundation hosts the IASB and a separate committee, the International Financial Reporting Interpretations Committee (IFRIC) which issues interpretations, which are documents that complement the IFRS standards and form part of the IFRS set. 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. The IASB also develops and maintains the IFRS Taxonomy,IFRS Foundation, 2018
IFRS Taxonomy
Retrieved on June 20, 2018. 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

30 Cannon Street, City of London 10 August 2014

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.IFRS Foundation, 201
Financing
Retrieved on April 26, 2018. As of 2022, its executive director is Lee White.Lee White steps down from CAANZ

Retrieved on June 20, 2018. The foundation is governed by a board of 22

, including, as of 2022: *

Erkki Liikanen Erkki Antero Liikanen (born 19 September 1950) is a Finnish social democratic politician and a former Governor of the Bank of Finland. Early life and education Erkki Antero Liikanen obtained a bachelor’s degree in Political Science (Economic ...

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

* Larry Leva (Vice-Chair), previously the global vice chairman Quality, Risk and Regulatory for KPMG Internationa

*Sarah Al-Suhaimi, Chairperson of

Tadawul Saudi Stock Exchange () or Tadāwul () is a stock exchange in Saudi Arabia. Tadāwul was formed in 2007 as a joint stock company and the sole entity authorized to act as a securities exchange in Saudi Arabia, but trading began in 1954 as an inf ...

. The trustees' responsibilitiesIFRS Foundation, 201
Trustee responsibilities
Retrieved on June 20, 2018. 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.

List of IFRS Foundation chairs

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

(2000-January 2006) *

Tommaso Padoa-Schioppa Tommaso Padoa-Schioppa, OMRI (; 23 July 1940 – 18 December 2010) was an Italian banker and economist who served as Italy's Minister of Economy and Finance from 2006 to 2008. He previously served as a member of the Executive Board of the Europ ...

(January–May 2006) * Philip A. Laskawy (May 2006-December 2007) *

Gerrit Zalm Gerrit Zalm (born 6 May 1952) is a retired Dutch politician of the People's Party for Freedom and Democracy (VVD) and businessman. Zalm studied Economics at the Free University Amsterdam obtaining a Master of Economics degree and worked as a ci ...

(December 2007-June 2010) *

(June–December 2010) * Robert R. Glauber and Tsuguoki Fujinuma (acting co-chairs, December 2010-December 2011) *

Michel Prada Michel Prada (born 2 April 1940) is a lawyer and administrator who became a French civil servant, holding a number of senior positions. Background Prada was born on 2 April 1940 in Bordeaux. He attended the Institut d'études politiques de Bordea ...

(December 2011-October 2018) *

(October 2018 – present)

References

External links