International Financial Reporting Standards Foundation Law and Legal Definition

The International Financial Reporting Standards Foundation is an independent, non-profit foundation to oversee the International Accounting Standards Board (IASB). The Foundation is governed by a board of twenty two trustees.

The objectives of the IFRS Foundation are:

a. to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles;

b. to promote the use and rigorous application of those standards ;

c. to promote and facilitate adoption of International Financial Reporting Standards (IFRSs), being the standards and interpretations issued by the IASB, through the convergence of national accounting standards and International Financial Reporting Standards (IFRS).