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 8 December 2016, the International Accounting Standards Board (Board) published IFRS Taxonomy Update 2 to the IFRS Taxonomy 2016.
IFRS Taxonomy Updates reflect new IFRS Standards and amendments to Standards issued by the Board, thereby allowing entities wishing to report electronically using the latest Standards to do so without the need for these entities to create their own taxonomy concepts. They may also contain technical updates, new common practice elements or general taxonomy improvements.
The IFRS Taxonomy Update 2 incorporates the IFRS Taxonomy elements for:
The IFRS Taxonomy changes resulting from this Update are final.
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