IFRS Foundation
| Purpose | Development and promotion of accounting standards |
|---|---|
| Headquarters | 30 Canon Street, London  UK
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Executive Director
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Yael Almog |
| Website | www |
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Formerly called
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IASC Foundation |
The International Financial Reporting Standards Foundation, or IFRS Foundation, is a nonprofit accounting organization. Its main objectives include the development and promotion of the International Financial Reporting Standards (IFRSs) through the International Accounting Standards Board (IASB), which it oversees.
The foundation was formerly named the International Accounting Standards Committee (IASC) Foundation until a renaming on 1 July 2010, and as of 2012 is governed by a board of 22 trustees.
The IFRS Foundation sets out the IFRSs and their interpretations, which include the following:
Of these, the IASs and SICs are previously-developed standards and interpretations that have been adopted by the IASB and IFRS Interpretations Committee respectively. The IFRSs are developed and published by the IASB, the 15-member standard-setting body of the IFRS Foundation, while the IFRICs are provided by the IFRS Interpretations Committee.
Via the IASB, the IFRS Foundation also sets out the IFRS for small and medium-sized entities (SMEs) to better meet the needs of SMEs and relieve the burden imposed on them by the full IFRSs. At a 2012 panel discussion co-sponsored by the American Institute of Certified Public Accountants and the Institute of Chartered Accountants of Scotland, Sir David Tweedie said that the IFRS for SMEs "has been a howling success" and that 70 million businesses are using it globally, although other panelists expressed doubts about its ability to solve problems in certain areas.
The IFRS Foundation also develops and maintains the IFRS Taxonomy, which is the representation of the IFRSs in eXtensible Business Reporting Language (XBRL), via its XBRL team. The team is supported by the XBRL Advisory Council and the XBRL Quality Review Team, which respectively provide strategic advice and reviews developed taxonomies. Additionally, in 2012 the foundation issued a call for industry participants in a project to develop "common industry practice concepts" for the taxonomy.
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Wikipedia