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).
Why have global accounting and sustainability standards? What benefits do they bring to the world economy?
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 25 September 2014, the International Accounting Standards Board issued Annual Improvements to IFRSs 2012–2014 Cycle. The revised standard has an effective date of 1 January 2016, but earlier adoption is permitted.
It was felt that the definition of the term "interim financial report" in paragraph 4 of IAS 34 was not sufficiently clear with respect to whether the "interim financial report" covers only the information reported under IFRS (meaning the IFRS interim financial statements) or more generally also includes management reports or other elements.
These amendments clarify the meaning of disclosure of information "elsewhere in the interim financial report" in paragraph 16A of IAS 34, and require the inclusion of a cross-reference from the interim financial statements to the location of this information.
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