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).
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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.
The IFRS Foundation has appointed 21 new members and one observer to the SME Implementation Group (SMEIG) for a three-year term starting 1 July 2020.
Established by the IFRS Foundation Trustees in 2010, the SMEIG is an advisory body to the International Accounting Standard Board (Board) and it works to support the international adoption, implementation and application of the IFRS for SMEs® Standard. Its responsibilities include considering the need to update the Standard and considering application questions that could require educational materials. SMEIG members participate in a personal capacity.
The following are new members to the SMEIG:
A full list of the SMEIG members can be found here.
To view the SMEIG’s terms of reference and operating procedures, as revised by the Trustees in June 2020, click here.
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