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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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.
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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 objective of the project was to develop, jointly with the US Financial Accounting Standards Board, a common definition of discontinued operations, and to require common disclosures related to disposals of components of an entity.
The two boards each published exposure drafts in September 2008. After considering the feedback, the boards decided to adopt a common definition of a discontinued operation based on the current definition in IFRS 5. However, the Board did not publish any proposals in this respect.
The Board decided after the 2015 Agenda Consultation to carry out a Post-implementation Review of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
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