The IFRS Foundation
The primary mission of the IFRS Foundation is 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.
The principal objectives of the IFRS Foundation are:
- to develop these International Financial Reporting Standards (IFRS) through its standard-setting body, the International Accounting Standards Board (IASB);
- to promote the use and rigorous application of those Standards;
- to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and
- to promote and facilitate adoption of IFRS, being the Standards and Interpretations issued by the IASB, through the convergence of national accounting standards and IFRS.
The functions of the IFRS Foundation can be divided into two main areas: