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.
On 29 March 2007, the International Accounting Standards Board reissued IAS 23 Borrowing Costs. The revised standard has an effective date of 1 January 2009.
The project was part of the Short-term Convergence project with the US Financial Accounting Standards Board (FASB). The purpose was to reduce differences between IFRSs and US generally accepted accounting principles (US GAAP) that can be resolved in a relatively short time and can be addressed outside major projects.
The objective of this short-term convergence project was to amend IAS 23 Borrowing Costs by removing the main difference between US GAAP and IAS 23. This was done by requiring the capitalisation of borrowing costs, to the extent they are directly attributable to the acquisition, production or construction of a qualifying asset.
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