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It is responsible for developing International Financial Reporting Standards (IFRS Standards), previously known as International Accounting … Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). This set out a vision of how these elements could complement financial generally accepted accounting principles (including IFRS Standards) and serve as a natural starting point for progress towards a more coherent, comprehensive corporate reporting system. The IFRS Foundation promotes the adoption of IFRS Standards and is the oversight body of the International Accounting Standards Board The International Financial Reporting Standards Foundation is a not -for-profit corporation incorporated in the State of Delaware, United States of America Session expired, please refresh your browser. The proposed moves by the IFRSF fit within its core competence, to help ‘investors, other participants in the world’s capital markets and other users of financial information make economic decisions’1 by bringing ‘transparency, accountability and efficiency to financial markets around the world.’2. DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. The Trustees are responsible for the strategic direction and governance of the Foundation as well as for oversight of the IASB (International Accounting Standards Board), which sets IFRS Standards. Deloitte welcomes the consultation. Please enable JavaScript to view the site. The IFRS Foundation states that its mission is to develop IFRS Standards that bring transparency, accountability … How do we develop Standards and Interpretations? Please complete the CAPTCHA field to verify you are human. The IFRS® Foundation is a not-for-profit international organisation responsible for developing a single set of high-quality global accounting standards, known as IFRS Standards. The IFRS Foundation was established to develop a single set of globally accepted accounting standards, and is the organisation behind IFRS Standards. It’s a set of accounting rules and standards that determine how accounting events should be reported in your business’s financial statements. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). The function of IFRS (International Financial Reporting Standards) in international accounting is to ensure transparency, accountability and efficiency. They can be emailed to commentletters@ifrs.org or submitted digitally to ifrs.org. Find out more about those groups here, How we serve the public interest, and the interaction between IFRS Standards and long-term investment and financial stability, Career opportunities, licensing, organise speaking engagements and contact us, The IFRS Foundation's logo and the IFRS for SMEs® logo, the IASB® logo, the ‘Hexagon Device’, eIFRS®, IAS®, IASB®, IFRIC®, IFRS®, IFRS for SMEs®, IFRS Foundation®, International Accounting Standards®, International Financial Reporting Standards®, NIIF® and SIC® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. The IFRS Foundation was established to develop a single set of globally accepted accounting standards. The IFRS Foundation will accept comments on the consultation paper until 31 December 2020. Investors and other stakeholders want to understand how the risks and opportunities faced by business translate into long-term value creation and profitability and how, in turn, these relate to shorter-term financial performance. The IFRS Foundation (IFRSF) issued a Consultation Paper on Sustainability Reporting on 30 September 2020, in which it seeks stakeholder views on whether it should broaden its oversight responsibilities to include sustainability reporting, and, if so, establish a separate standard-setting board to undertake this role. IFRS Standards are now required in more than 140 jurisdictions, with many others permitting their use. You can view which cookies are used by viewing the details in our privacy policy. Our mission is to develop standards that bring transparency, accountability and efficiency to financial markets around the world. Businesses have global supply and value chains, face global risks and have global investors. 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