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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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 12 December 2013, the International Accounting Standards Board issued Annual Improvements to IFRSs 2010–2012 Cycle. The revised standard has an effective date of 1 July 2014, but earlier adoption is permitted.
The IASB was informed of concerns that the basis on which entities applied the aggregation criteria in IFRS 8 Operating Segments to operating segments were not clear.
The amendments include a disclosure in IFRS 8 requiring a description of both the operating segments that have been aggregated and the economic indicators that have been assessed in order to conclude that the operating segments have “similar economic characteristics” in accordance with paragraph 12 of IFRS 8.
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