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Reading 10: Mission of the IFRS Foundation and the IASB - Coggle Diagram
Reading 10: Mission of the IFRS Foundation and the IASB
IFRS Mission
Brings transparency 🪟
Enhances comparability and quality of financial information
Strengthen accountability 💪
Reducing information gap
Contribute to economic efficiency 💷
Helping investors identify opportunities and risk
Not-for-profit, public interest organisation
3 How IFRS Standards are developed
The Board
Independent standard setting board
Overseen by trustees of IFRS Foundation
Publicly accountable to a Monitoring Board
Public capital market authorities
14 full-time members from 11 countries
Members appointed and accountable to trustees
Staff of approximately 150 people from 30 countries
Open
Thorough
Participatory
Transparent
1 The vision 😎
The International Accounting Standards Board
Standard-setting body of IFRS Foundation
Formed in 2001 as successor to IASC
since 1973
Both have a global mission 🌍
Developing high quality global accounting standards
Investors 💉💰
Lenders 🏦
Others 🧑
Relevant, transparent and comparable information
The vision in 2000: Single set of accounting standards
Constitution adopted in early 2000
Supported by many international organisations
G20
World Bank
IMF
Basil Commitee
IOSCO
IFAC
European Parliament
IACS (Predecessor)
Not changed since 2000
Convergence not a substitute for adoption
Different pathways towards adoption 🗾
2 What are IFRS Standards?
Item recognition
Assets
Liabilities
Income
Expense
How to measure those items
Present them in financial statements
Related disclosures about those items
4 The process of developing IFRS Standards
Agenda consultation
Research programme
Standards development
Implementation
5 Why adopt IFRS Standards?
Risk assessment