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Chapter 2

International Financial Reporting

Standards (IFRS Standards)

There are four separate but related bodies which control the setting of IFRS
Standards as presented below:

The IFRS

Foundation

IASB

IFRS IC IFRS AC

Tutor notes guidance – discussion points

Explain the acronyms to students and explain the role of each of the bodies
(detailed within the Study Text)

IFRS Foundation – International Financial Reporting Standards

IASB – International Accounting Standards Board

IFRS IC – The International Financial Reporting Standards Interpretations
Committee

IFRS AC – The International Financial Reporting Standards Advisory Council

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