IFRS Foundation
| IFRS Foundation | |
| Founded | 2001 |
|---|---|
| Headquarters | London, United Kingdom |
| Products | Develops and promotes accounting standards |
| Key People | Lee White, executive director, Erkki Liikanen, Chair of the Trustees |
| @IFRSFoundation | |
| Web site | https://www.ifrs.org/ |
| Releases | Organization News |
The IFRS Foundation is a not-for-profit, public interest organization that oversees the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). It's goal is to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards.
History[edit]
The IFRS Foundation began in 1973 when professional accounting bodies of Australia, Canada, France, Germany, Japan, Mexico, Netherlands, United Kingdom/Ireland and the United States formed the International Accounting Standards Committee (IASC) and agreed to adopt International Accounting Standards for cross-border listings. [1]
International Accounting Standards Board (IASB)[edit]
The IASB is an independent group of experts with recent practical experience in setting accounting standards, in preparing, auditing, or using financial reports, and in accounting education. Members are appointed by the Trustees of the IFRS Foundation.[2]
International Sustainability Standards Board (ISSB)[edit]
The International Sustainability Standards Board (ISSB) is a new board within the IFRS Foundation. It is charged with developing a global baseline of sustainability disclosures for the capital markets known as the IFRS Sustainability Disclosure Standards. The goal of the standards is to provide a more accurate view of a company's sustainability-related risks and opportunities. [3]
On August 1, 2022, the Value Reporting Foundation was consolidated into the IFRS Foundation. The consolidation increases staff and resources committed to supporting the ISSB. The VRF’s SASB standards provide a key starting point for the development of the IFRS Sustainability Disclosure Standards. The VRF’s Integrated Reporting Framework provides connectivity between financial statements and sustainability-related financial disclosures.[4]
The consolidation simplifies the sustainability disclosure landscape; it follows the consolidation of the [Climate Disclosure Standards Board] (CDSB) from [CDP] into the IFRS Foundation in early 2022.
Products and Services[edit]
Among its products and services the IFRS Foundation offers international financial reporting standards, translations and accounting taxonomy.[5]
Issued standards include:
IFRS Accounting Standards
- IFRS Accounting Standards Navigator
- IFRS for SMEs Accounting Standard
- Translations
- IFRS Accounting Taxonomy
- Editorial corrections
IFRS Sustainability Disclosure Standards (in progress)
- General Sustainability-related Disclosures
- Climate-related Disclosures
Existing Standards
- SASB Standards
Integrated Reporting
- Integrated Reporting Framework
- Integrated Thinking Principles
Membership[edit]
Key People[edit]
- Lee White, Executive Director
- Erkki Liikanen, Chair of the Trustees.
References[edit]
- ↑ IFRS Foundation Developments. IFRS Foundation.
- ↑ About the International Sustainability Standards Board. IFRS Foundation.
- ↑ About the International Sustainability Standards Board. IFRS Foundation.
- ↑ IFRS Foundation completes consolidation with Value Reporting Foundation. IFRS Foundation.
- ↑ Issued Standards. IFRS Foundation.