The IFRS Foundation is an independent organisation having two main bodies: - the Trustees and - the International Accounting Standards Board (IASB), as well as the IFRS Advisory Council (IFRS AC) and the IFRS Interpretations Committee (IFRS IC). What processes do we follow? Deloitte welcomes the consultation. International Financial Reporting Standards (IFRS) were established to bring consistency to accounting standards and practices, regardless of the company or … Accessibility   |   Privacy   |   Terms and Conditions   |   Trade mark guidelines   |   All legal information   |   Using our website. Join us for a celebration of 175 years of making an impact that matters. These factors combined mean that the IFRS Foundation is ideally positioned to play a role in setting these standards and we believe it should expand its standard- IASB's Role Under the IFRS Foundation Constitution, the IASB has complete responsibility for all technical matters of the IFRS Foundation including: full discretion in developing and pursuing its technical agenda, subject to certain consultation requirements with the Trustees and the public To the Trustees of the IFRS Foundation, Thank you for the opportunity to comment on the consultation paper regarding sustainability reporting and the role of IFRS. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). The workshop will provide an overview of the IFRS Foundation Trustees’ Consultation Paper on Sustainability Reporting and invite commentary from academics. The Foun­da­tion is governed by a board of 22 trustees. The IFRS Foundation is pressing the point that its proposed new Sustainability Standards Board (SSB) would not compete with other organizations already developing sustainability reporting but would collaborate with them to develop cohesive globalized reporting requirements. The IFRS Foundation is the oversight body of the various boards/committees such as the IASB, IFRS Interpretations Committee etc. It is an independent, not-for-profit private sector organisation working in the public interest. For information, contact Deloitte Touche Tohmatsu Limited. The IFRS Foundation was established to develop a single set of globally accepted accounting standards. Our work serves the public interest by fostering trust, growth and long-term financial stability in the global economy. Telecommunications, Media & Entertainment, IFRS (International Financial Reporting Standards). Q2. Global standards can enable consistent implementation of the TCFD Recommendations, which are widely acknowledged politically and by society as an effective means for climate-related financial risk disclosures. Publication: Use of IFRS Standards around the world [PDF], How the IFRS Interpretations Committee helps support consistent application, Supporting materials for the IFRS for SMEs Standard. The function of IFRS (International Financial Reporting Standards) in international accounting is to ensure transparency, accountability and efficiency. Similarly, the perspectives of investors and companies around the world help us ensure our positions on key market developments are consistent with those of the constituencies we aim to serve. There has been a groundswell of calls from capital market participants, regulators and other stakeholders in support of transparent measurement and disclosure of information about sustainability performance. IFRS Standards are now required in more than 140 jurisdictions, with many others permitting their use. Encouraged by various stakeholders, the IFRS Foundation Trustees have launched a public consultation to better understand demand for global sustainability reporting standards and if such demand exists, what, if any, role the IFRS Foundation might play. Its main objectives include the development and promotion of the International Financial Reporting Standards through the International Accounting Standards Board, which it oversees. The Trustees appreciate stakeholders taking the time to respond to … IFRS Foundation Consultation Paper on Sustainability Reporting Preamble and Invitation to Comment ... received and base their conclusions about the Foundation’s potential role on these comments. We agree that there needs to be a clearer separation in the IFRS Foundation between the management responsibilities for standard setting on the one hand and oversight (including funding) on the other. This would be a significant step towards a comprehensive corporate reporting system that builds on the well-established efforts of the existing sustainability standards and frameworks. The IFRS Foundation has responded and is seeking input on the need for a global set of internationally recognised sustainability standards, and gauging support for its role in developing such standards. The IFRS Foundation promotes the adoption of IFRS Standards and is the oversight body of the International Accounting Standards Board The International Financial Reporting Standards Foundation is a not -for-profit corporation incorporated in the State of Delaware, United States of America Please complete the CAPTCHA field to verify you are human. This website uses cookies. Standard-setting should be at a global level because global issues need global solutions. IFRS brings transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions. However, the responsibilities of the monitoring board are to oversee the IFRS Foundation trustees, participate in the trustee nomination process and approve appointments... Get Frequently Asked Questions on IFRS now with O’Reilly online learning. DTTL does not provide services to clients. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). 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