HOME
The Info List - IFRS Foundation


--- Advertisement ---



The International Financial Reporting Standards
International Financial Reporting Standards
Foundation, or IFRS Foundation, is a nonprofit accounting organization. Its main objectives include the development and promotion of the International Financial Reporting Standards (IFRSs) through the International Accounting
Accounting
Standards Board (IASB), which it oversees.[1][3] The foundation was formerly named the International Accounting Standards Committee (IASC) Foundation until a renaming on 1 July 2010, and as of 2012 is governed by a board of 22 trustees.[4]

Contents

1 Activities

1.1 Standard-setting 1.2 IFRS Taxonomy

2 Organization and governance 3 References 4 External links

Activities[edit] Standard-setting[edit] The IFRS Foundation
IFRS Foundation
sets out the IFRSs and their interpretations, which include the following:

the International Financial Reporting Standards
International Financial Reporting Standards
(IFRSs); the International Accounting
Accounting
Standards (IASs); the International Financial Reporting Standards
International Financial Reporting Standards
Interpretations (IFRICs); and the Standing Interpretation Committee interpretations (SICs). Other Pronouncements. By Mukaila Hadi & Esther Bangase Anankware

Of these, the IASs and SICs are previously-developed standards and interpretations that have been adopted by the IASB and IFRS Interpretations Committee respectively.[5] The IFRSs are developed and published by the IASB, the 15-member standard-setting body of the IFRS Foundation, while the IFRICs are provided by the IFRS Interpretations Committee.[1] Via the IASB, the IFRS Foundation
IFRS Foundation
also sets out the IFRS for small and medium-sized entities (SMEs) to better meet the needs of SMEs and relieve the burden imposed on them by the full IFRSs.[6] At a 2012 panel discussion co-sponsored by the American Institute of Certified Public Accountants and the Institute of Chartered Accountants of Scotland, Sir David Tweedie said that the IFRS for SMEs "has been a howling success" and that 70 million businesses are using it globally, although other panelists expressed doubts about its ability to solve problems in certain areas.[7] IFRS Taxonomy[edit] The IFRS Foundation
IFRS Foundation
also develops and maintains the IFRS Taxonomy, which is the representation of the IFRSs in eXtensible Business Reporting Language (XBRL), via its XBRL
XBRL
team. The team is supported by the XBRL
XBRL
Advisory Council and the XBRL
XBRL
Quality Review Team, which respectively provide strategic advice and reviews developed taxonomies.[8] Additionally, in 2012 the foundation issued a call for industry participants in a project to develop "common industry practice concepts" for the taxonomy.[9] XBRL
XBRL
provides a "common, electronic format for business and financial reporting",[10] which will contribute to the global convergence of accounting standards towards IFRS;[11] the director of XBRL
XBRL
activities at the IFRS Foundation, Olivier Servais, hopes that "everybody will be using it" in future.[12] As of March 2012, the IFRS Taxonomies have "considerably fewer" tags than GAAP taxonomies, and the Security and Exchange Commission has not approved the IFRS Taxonomy for use in XBRL filings in the United States.[13] Organization and governance[edit] The IFRS Foundation's executive director is Yael Almog,[2] who is also the Director of the Department of International Affairs of the Israel Securities Authority,[14] and is funded in part by country-specific funding regimes involving stakeholder groups, or levies and other contributions through regulatory authorities.[15] The foundation is governed by a board of 22 trustees,[4] including

Michel Prada (chairman), also co-Chairman of the Council on Global Financial Regulation;[16] Tsuguoki Fujinuma (vice-chairman), also Professor at Chuo University and Board member of the Tokyo Stock Exchange
Tokyo Stock Exchange
Group Inc.;[17] Robert Glauber (vice-chairman), former Chairman and Chief Executive Officer of the Financial Industry Regulatory Authority;[18] and Ronald Arculli, also chairman of Hong Kong Exchanges and Clearing Limited, and the World Federation of Exchanges.[19]

The trustees' responsibilities 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, and their effectiveness is assessed by the Trustees’ Due Process Oversight Committee.[20] References[edit]

^ a b c IFRS Foundation, 2012. About the IFRS Foundation
IFRS Foundation
and the IASB Archived 2012-07-23 at the Wayback Machine.. Retrieved on April 25, 2012. ^ a b IFRS Foundation, 2012. Senior staff. Retrieved on April 26, 2012. ^ Deloitte Global Services Limited, 2012. Former Deloitte Global CEO James Quigley appointed to the IFRS Foundation. Retrieved on April 25, 2012. ^ a b Deloitte Global Services Limited, 2012. IFRS Foundation. Retrieved on April 25, 2012. ^ IFRS Foundation, 2012. Access the unaccompanied standards and their technical summaries. Retrieved on April 25, 2012. ^ IFRS Foundation, 2012. Project history. Retrieved on April 26, 2012. ^ Cohn M, 2012. Former Accounting
Accounting
Board Chairs Urge SEC to Commit to IFRS. Retrieved on April 26, 2012. ^ IFRS Foundation, 2012. The IFRS XBRL
XBRL
initiative. Retrieved on April 26, 2012. ^ inAudit, 2012. XBRL
XBRL
Industry Practice Project 2012 – Call for Participants. Retrieved on April 26, 2012. ^ IFRS Foundation, 2012. XBRL
XBRL
and IFRSs. Retrieved on April 26, 2012. ^ Ramin K, 2008. XBRL
XBRL
and IFRS Joining Hands. Retrieved on April 26, 2012. ^ Institute of Certified Public Accountants of Singapore, 2010. Director of XBRL
XBRL
Activities, IFRS Foundation
IFRS Foundation
to Speak at Singapore Accountancy Convention 2011 Archived 2012-12-25 at Archive.is. Retrieved on April 26, 2012. ^ Whitehouse T, 2012. SEC Approves 2012 GAAP Taxonomy for XBRL Filings. Retrieved on April 26, 2012. ^ IFRS Foundation, 2012. Yael Almog appointed as Executive Director of the IFRS Foundation. Retrieved on April 26, 2012. ^ IFRS Foundation, 2012.Financing. Retrieved on April 26, 2012. ^ IFRS Foundation, 2012. Trustee Chairman. Retrieved on April 29, 2012. ^ IFRS Foundation, 2012. Trustee Vice-Chair. Retrieved on April 29, 2012. ^ IFRS Foundation, 2012. Trustee Vice-Chair. Retrieved on April 29, 2012. ^ IFRS Foundation, 2012. Trustees. Retrieved on April 29, 2012. ^ IFRS Foundation, 2012.Trustee responsibilities. Retrieved on April 26, 2012.

External links[edit]

Official website

v t e

International Financial Reporting Standards
International Financial Reporting Standards
and Related Accounting Organizations

Organizations

IFRS Foundation International Accounting
Accounting
Standards Board

Predecessors

International Accounting
Accounting
Standards Committee

Selected standards

IFRS

1 2 4 5 9 10 11 12 13 15 16 17

IAS

1 2 7 8 10 16 17 19 37 39

List of stan

.