IFRS Foundation

The IFRS Foundation is an independent, not-for-profit organisation that develops and promotes International Financial Reporting Standards (IFRS). Established in 2001, the Foundation aims to bring transparency, accountability, and efficiency to financial markets around the world.

With its headquarters in London, UK, the IFRS Foundation plays a crucial role in setting high-quality accounting standards that enhance the comparability and reliability of financial statements. The Foundation’s primary objective is to ensure that financial reporting is consistent across different jurisdictions, thereby fostering trust and confidence among investors and stakeholders.

The IFRS Foundation oversees the International Accounting Standards Board (IASB), which is responsible for developing and issuing IFRS. The IASB works closely with various stakeholders, including regulators, investors, and the business community, to ensure that the standards meet the needs of users while remaining practical for preparers.

In addition to standard-setting, the IFRS Foundation engages in extensive outreach and education initiatives. These efforts aim to raise awareness about the importance of high-quality financial reporting and to provide guidance on the application of IFRS. The Foundation also conducts research and analysis to support the ongoing development of its standards.

As part of its commitment to continuous improvement, the IFRS Foundation regularly reviews and updates its standards to reflect changes in the global economy and advancements in technology. This proactive approach ensures that IFRS remains relevant and effective in addressing the challenges faced by businesses today.

Through its work, the IFRS Foundation strives to promote the adoption of IFRS worldwide, contributing to the convergence of accounting standards and enhancing the overall quality of financial reporting. By doing so, it supports the Foundation’s vision of a world where financial information is transparent, comparable, and reliable.