The International Financial Reporting Standards Foundation or IFRS Foundation (sometimes IFRSF) is a nonprofit organization that sets corporate reporting standards for the capital markets globally founded on the belief that better information from companies leads to better investment decisions. Its main objectives include the development and promotion in the public interest a single set of high quality, understandable, enforceable and globally accepted International Financial Reporting Standards (IFRS Standards), through the International Accounting Standards Board (IASB) for accounting standards and the International Sustainability Standards Board (ISSB) for sustainability-related disclosure standards.
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IFRS Foundation in the context of International Financial Reporting Standards
International Financial Reporting Standards (IFRS) are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing a company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with publicly listed shares or securities.
IFRS have replaced many different national accounting standards around the world but have not replaced the separate accounting standards in the United States, where US GAAP is applied.
IFRS Foundation in the context of International Accounting Standards Board
The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation.
The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application.