The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards.
Our Standards are developed by our two standard-setting boards, the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB).
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What do we do once we’ve issued a Standard? We undertake various activities to support the consistent application of IFRS Standards, which includes implementation support for recently issued Standards. We do this because the quality of implementation and application of the Standards affects the benefits that investors receive from having a single set of global standards.
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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
The ISSB will deliver a global baseline of sustainability disclosures to meet capital market needs.
SIC-7 clarifies how an entity translates amounts in its financial statements when its functional currency is replaced by the euro.
In April 2001 the International Accounting Standards Board adopted SIC‑7 Introduction of the Euro, which had originally been issued by the Standing Interpretations Committee of the International Accounting Standards Committee in May 1998.
Other Standards have made minor consequential amendments to SIC‑7, including IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (issued November 2013).
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