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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

IFRS Foundation – body with overall responsibility for development, publication and
promotion of IFRS Standards

IASB – International Accounting Standards Board – experts used to develop and
publish IFRS Standards

IFRS IC – IFRS Interpretations Committee

IFRS AC – IFRS Advisory Council – advises the IASB

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