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Law and regulation governing accounting

4.2 The role of the IFRS Foundation

The International Financial Reporting Standards Foundation (IFRS) was formed to try
and harmonise accounting standards in different countries.

Types of organisation
IFRS Foundation

IFRS
Advisory
Profit seeking Council
Objectives (IFRS AC)

IFRS
Interpretations
Committee
 Develop a set of high quality, International (IFRS IC)
understandable, enforceable Accounting
and globally accepted financial Standards
reporting standards Board (IASB)
 Promote the use and rigorous
application of these standards
 To take account of the
financial reporting needs of
emerging economies and
small and medium sized
entities
 Bring about the convergence
of national and international
financial reporting standards

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