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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Discover more about the adoption process for IFRS Accounting Standards.
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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.
The work plan includes all projects undertaken by the IFRS Foundation Trustees, the International Accounting Standards Board (IASB), the International Sustainability Standards Board (ISSB) and the IFRS Interpretations Committee. Public consultations are a key part of all our projects and are indicated on the work plan.
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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.
On 18 July 2013, the International Accounting Standards Board published Post-implementation Review: IFRS 8 Operating Segments.
Post-implementation Reviews are conducted by the IASB normally two years after the global application of a new Standard or a significant amendment to an existing Standard. The purpose of the review is to consider whether the new Standard is functioning as anticipated, has achieved its objectives and improved financial reporting. Any resulting actions identified by the review are subject to the normal processes and criteria for adding an item to the IASB’s agenda.
The review of IFRS 8 concluded that the Standard was generally functioning as anticipated.
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