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).
IFRS Accounting Standards are developed by the International Accounting Standards Board (IASB). The IASB is an independent standard-setting body within the IFRS Foundation.
IFRS Accounting Standards are, in effect, a global accounting language—companies in more than 140 jurisdictions are required to use them when reporting on their financial health. The IASB is supported by technical staff and a range of advisory bodies.
IFRS Sustainability Disclosure Standards are developed by the International Sustainability Standards Board (ISSB). The ISSB is an independent standard-setting body within the IFRS Foundation.
IFRS Sustainability Standards are developed to enhance investor-company dialogue so that investors receive decision-useful, globally comparable sustainability-related disclosures that meet their information needs. The ISSB is supported by technical staff and a range of advisory bodies.
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The Board met on 15 March 2016 to discuss the proposed amendments to IFRS 3. The proposed amendments would clarify how to apply the definition of a business and would result in the same requirements as the FASB proposed amendments (except where there is already a difference between IFRS Standards and US GAAP).
The Board noted that the Application Guidance of IFRS 3 would be worded differently from the FASB’s proposed amendments. The Board tentatively decided to issue an Exposure Draft that includes this difference and ask constituents for their views.
All IASB members agreed with this decision.
Next steps
The IASB expects to issue the Exposure Draft in the second quarter of 2016.
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