To learn about the IFRS Foundation’s objectives, structure and way of operating, there are two important documents. 

The Constitution sets out the purpose and objectives of the organisation, as well as our governance structure and the composition requirements for the different groups within that structure. 

The Due Process Handbook sets out in detail the requirements followed by the International Accounting Standards Board and the IFRS Interpretations Committee in their work. 

Constitution 

The IFRS Foundation Constitution was originally approved by the members of the IFRS Foundation's predecessor body, the International Accounting Standards Committee (IASC), at a meeting in Edinburgh on 24 May 2000. 

At its meeting in December 1999, the IASC had appointed a Nominating Committee to select the first Trustees of the organisation. The Trustees took office in May 2000 as a result of the approval of the Constitution. 

In execution of their duties under the Constitution, the Trustees formed the International Accounting Standards Committee Foundation (IASCF) on 6 February 2001. In 2010 the IASCF changed its name to the IFRS Foundation. 

Reflecting the Trustees' decision to create the International Financial Reporting Interpretations Committee (IFRIC), now called the IFRS Interpretations Committee (IFRS IC), following public consultation the Constitution was revised in March 2002. 

The Trustees are required to review the Constitution every five years, in order to ensure the IFRS Foundation remains fit for purpose. 

In October 2018, the Trustees approved a narrow-scope amendment to the Foundation’s Constitution to extend the term of the Trustee Chair and Vice-Chairs up to a maximum of nine years, taking into account any previous term already served as Trustee, Vice-Chair or Chair, as the case may be. The Trustees also approved an amendment to allow for the Trustee Chair to be appointed from among the Trustees or to be recruited externally. This amendment to the Constitution came into effect on 1 December 2018.  

August 2020: resulting from the amendments to the Due Process Handbook an amendment was made to the IFRS Foundation Constitution. This amendment is to reflect that the Advisory Council advises the Board (and Trustees) on strategic matters and, especially since the establishment and activity of ASAF, no longer functions as a technical consultative body.  

Due Process Handbook 

The Due Process Handbook comprises the due process requirements followed by the International Accounting Standards Board when setting IFRS Standards and developing the IFRS Taxonomy, and by the IFRS Interpretations Committee when working with the Board to support the consistent application of those Standards. 

The due process is based on the three principles of transparency, full and fair consultation, and accountability. 

The due process enables stakeholders globally to contribute to the work of the Board and the Interpretations Committee, and help us ensure that the best thinking globally is factored into the development of the accounting requirements. 

This process is essential for developing high-quality IFRS Standards and for ensuring that stakeholders can have confidence that all relevant views have been considered when the Standards are developed. 

A revised version of the Due Process Handbook was published in August 2020.