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IFRS Foundation

IFRS Foundation

The IFRS Foundation is the legal entity under which the International Accounting Standards Board (IASB) operates. The Foundation is governed by a board of 22 trustees.

IFRS Foundation is the new name, approved in January 2010, of the IASC Foundation. The name change formally took effect on 1 July 2010. From that date, the Foundation's website (including IASB materials) also changed to www.ifrs.org and email addresses changed to end in '@ifrs.org'.

Constitution

 

Objectives of the IFRS Foundation

The objectives of the IFRS Foundation are:

  • to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. These standards should require high quality, transparent and comparable information in financial statements and other financial reporting to help investors, other participants in the world’s capital markets and other users of financial information make economic decisions
  • to promote the use and rigorous application of those standards
  • in fulfilling the above objectives, to take account of, as appropriate, the needs of a range of sizes and types of entities in diverse economic settings
  • to promote and facilitate adoption of International Financial Reporting Standards (IFRSs), being the standards and interpretations issued by the IASB, through the convergence of national accounting standards and IFRSs.

 

Responsibilities of the Trustees

The Trustees of the IFRS Foundation have responsibility to:

    • assume responsibility for establishing and maintaining appropriate financing arrangements;
    • establish or amend operating procedures for the Trustees;
    • determine the legal entity under which the IFRS Foundation shall operate, provided always that such legal entity shall be a foundation or other body corporate conferring limited liability on its members and that the legal documents establishing such legal entity shall incorporate provisions to achieve the same requirements as the provisions contained in this Constitution;
    • review in due course the location of the IFRS Foundation, both as regards its legal base and its operating location;
    • investigate the possibility of seeking charitable or similar status for the IFRS Foundation in those countries where such status would assist fundraising;
    • open their meetings to the public but may, at their discretion, hold certain discussions (normally only about selection, appointment and other personnel issues, and funding) in private; and
    • publish an annual report on the IFRS Foundation's activities, including audited financial statements and priorities for the coming year.

      The Trustees also have responsibility to:

        • appoint the members of the IASB and establish their contracts of service and performance criteria;
        • appoint the members of the IFRS Interpretations Committee (the Interpretations Committee) and the IFRS Advisory Council (the Advisory Council);
        • review annually the strategy of the IFRS Foundation and the IASB and its effectiveness, including consideration, but not determination, of the IASB's agenda;
        • approve annually the budget of the IFRS Foundation and determine the basis for funding;
        • review broad strategic issues affecting financial reporting standards, promote the IFRS Foundation and its work and promote the objective of rigorous application of IFRSs, provided that the Trustees shall be excluded from involvement in technical matters relating to financial reporting standards;
        • establish and amend operating procedures, consultative arrangements and due process for the IASB, the Interpretations Committee and the Advisory Council;
        • review compliance with the operating procedures, consultative arrangements and due process;
        • approve amendments to this Constitution after following a due process, including consultation with the Advisory Council and publication of an exposure draft for public comment and subject to the voting requirements given in section 14;
        • exercise all powers of the IFRS Foundation except for those expressly reserved to the IASB, the Interpretations Committee and the Advisory Council; and
        • foster and review the development of educational programmes and materials that are consistent with the IFRS Foundation's objectives.

           

          Trustee voting

          The Trustees act by simple majority vote except for amendments to the IFRS Foundation Constitution, which require a three-fourths majority.

          IFRS Foundation Trustees

          Click here for a list of the IFRS Foundation Trustees.

          IFRS Foundation XBRL Project

          An IFRS Foundation team Click here for information about the IFRS XBRL taxonomy.

           

          Related news

          • Chairman Michel Prada discusses globalisation in keynote speech

          • Apr 16, 2014

          • The Chairman of the IFRS FoundationTrustees, Michel Prada, gave the keynote speech at a stakeholder event in Sydney, Australia in conjunction with CPA Australia and the Institute of Chartered Accountants Australia (ICAA) on 9 April 2014.

          • IFRS Formula Linkbase 2014 is now available

          • Apr 02, 2014

          • The IFRS Foundation has issued the 2014 IFRS Taxonomy Formula Linkbase. The IFRS Taxonomy Formula Linkbase is designed to help improve the data quality of IFRS Taxonomy filings and to provide additional guidance for both technical and financial reporting audiences so that they can better understand the IFRS concepts and their meanings.

          • IFRS Foundation translations

          • Mar 31, 2014

          • The IFRS Foundation has announced the publication of new French, Japanese, Polish, Russian, Spanish, Turkmen, Ukrainian and Uzbek translations.

          • AASB calls for focus on sector neutral accounting in public sector governance review

          • Mar 31, 2014

          • The Australian Accounting Standards Board (AASB) has responded to the International Public Sector Accounting Standards Board (IPSASB) Governance Review Group consultation paper on the future governance of the IPSASB. The AASB strongly supports sector neutral accounting standards and believes the option of extending the scope of the IFRS Foundation's Monitoring Board and IFRS Foundation Trustees to encompass the IPSASB is the best approach to limiting differences in accounting standards between sectors.

          • IFRS conference in South Africa announced

          • Mar 19, 2014

          • The IFRS Foundation, along with the South African Institute of Chartered Accountants (SAICA), has announced an upcoming conference in Johannesburg, South Africa on 13-14 August 2014. The conference will include discussions on the future of financial reporting, as well as the latest IASB updates on the major IFRSs, implementation issues, conceptual framework and research projects.

          • Collaboration planned between IVSC and IFRS Foundation

          • Mar 06, 2014

          • The International Valuation Standards Council (IVSC) and the IFRS Foundation announced that the two organisations will deepen their co-operation in the development of International Financial Reporting Standards (IFRS) and International Valuation Standards (IVS). Main focus of the statement of protocols announced today is the co-ordination on fair value measurement.

          • IFRS XBRL taxonomy for 2014 is available

          • Mar 05, 2014

          • The IFRS Foundation has published the IFRS Taxonomy 2014. The IFRS Taxonomy is a translation of IFRSs (International Financial Reporting Standards) into XBRL (eXtensible Business Reporting Language).

          • Trustees announce membership update and upcoming review of IASB size

          • Feb 24, 2014

          • The Trustees of the IFRS Foundation (1) reappointed Amaro Gomes and Pat Finnegan to serve as IASB members for another five years and (2) deferred any appointments of IASB members that replace retiring members until the completion of its 2015 Constitution Review.

          • IFRS conference in Singapore announced

          • Feb 18, 2014

          • The IFRS Foundation has announced that its upcoming conference will be held in Singapore on 29-30 May 2014. The conference will include discussions on the future of financial reporting, as well as the latest IASB updates on the major IFRSs, implementation issues, conceptual framework and research projects.

          • Summary of the January 2014 DPOC meeting

          • Feb 11, 2014

          • The IFRS Foundation has published a summary of the 28 January 2014 Due Process Oversight Committee (DPOC) meeting that was held in Milan during the Trustees' meeting.

          • IFRS Foundation translations

          • Feb 04, 2014

          • The IFRS Foundation has announced the publication of Bulgarian and Spanish translations. In addition, it restated the availability of its free Framework-based IFRS teaching material in Arabic.

          • IFRS conference in London announced

          • Feb 04, 2014

          • The IFRS Foundation has announced that its upcoming conference will be held in London on 23-24 June 2014. The conference will include discussions on the future of financial reporting, as well as the latest IASB updates on the major IFRSs, implementation issues, conceptual framework and research projects.

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