The objective of the IFRS Foundation is to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards that help investors and other market participants make economic decisions. The IFRS Foundation, therefore, works with those regulator organisations which are responsible for maintaining the efficiency of these capital markets around the world.
High quality IFRS Standards:
Regulators have substantial direct knowledge of financial reporting and working relationships with issuers within their jurisdictions. In our work with regulators we:
In support of our shared interest in the efficiency of capital markets, the IFRS Foundation works with various regulator organisations and their members in connection with our standard-setting and activities to support consistent application.
We have also entered into agreements with some of these organisations. Details of those agreements can be found below.
We welcome contributions from regulators in the development of new IFRS Standards. Regulators provide feedback to us through comment letters and outreach. Click here to view a list of consultations that are currently open for comment.
Regulators support the consistent application of IFRS Standards through their enforcement activities, and by raising awareness of new Standards and encouraging the readiness of issuers in their jurisdiction.
The principle-based nature of IFRS Standards can sometimes lead to differences in the interpretation of how to apply those principles. Regulators alert us to these differences and application queries.
Some application queries are addressed by the IFRS Interpretations Committee. Click here to find out whether and how to submit an application query to the Interpretations Committee.
We provide stakeholders with materials and resources to support the consistent application of IFRS Standards. Details are available on the Applying the Standards section of the website.
Additional resources for some specific types of jurisdictions and stakeholders includes: