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.
Implementing any new accounting Standard can be challenging. The IFRS Foundation has produced an animation to outline three key ways of supporting implementation of IFRS 17 Insurance Contracts, and to show what work is being done to help users of financial statements in the run-up to the effective date of 2021.
The supporting impementation page for IFRS 17, where you can find the video, will be updated throughout this phase with helpful information and other materials relating to the new Standard. These include a technical enquiry service, a series of webcasts, and details about the recently formed Transition Resource Group for Insurance Contracts.
The animation can also be viewed on Youtube.
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