The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards.
Our Standards are developed by our two standard-setting boards, the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB).
Why have global accounting and sustainability standards? What benefits do they bring to the world economy?
Discover more about the adoption process for IFRS Accounting Standards, and which jurisdictions have adopted them and require their use.
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What do we do once we’ve issued a Standard? We undertake various activities to support the consistent application of IFRS Standards, which includes implementation support for recently issued Standards. We do this because the quality of implementation and application of the Standards affects the benefits that investors receive from having a single set of global standards.
The work plan includes all projects undertaken by the IFRS Foundation Trustees, the International Accounting Standards Board (IASB), the International Sustainability Standards Board (ISSB) and the IFRS Interpretations Committee. Public consultations are a key part of all our projects and are indicated on the work plan.
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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
The ISSB will deliver a global baseline of sustainability disclosures to meet capital market needs.
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The Transition Resource Group for IFRS 17 (TRG) was one of the ways the International Accounting Standards Board (IASB) supported implementation of the new Standard. The purpose of the group was to:
Between February 2018 to April 2019 there were four TRG meetings that covered all 127 submissions up to April 2019. No further TRG meetings were scheduled.
IFRS 17 became effective on 1 January 2023, and as a result the work of the TRG for IFRS 17 is now complete.
Any support for the implementation and application of IFRS 17 will continue to be available through the activities of the IASB and the Interpretations Committee supporting the understanding and consistent application of IFRS Accounting Standards.
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