The IFRS Foundation and its independent standard-setting body, the IASB, provide public accountability through the transparency of their work, the consultation with the full range of interested parties in the standard-setting process, and their formal accountability links to the public. The leaders of the major economies, through the G20, have confirmed the importance of an independent standard-setter accountable to the public interest.
Public accountability, ensured by the organisation's constitution and governance arrangements, is vital to the organisation's success. It is the Trustees' responsibility to ensure that appropriate governance arrangements are in place and observed by all parts of the organisation.
The Trustees' effectiveness in exercising their functions is assessed annually by the Trustees' Due Process Oversight Committee.
The mission of the organization is to develop International Financial Reporting Standards (IFRS) that bring transparency, accountability and efficiency to financial markets around the world. Organization’s work serves the public interest by fostering trust, growth and long-term financial stability in the global economy.
IFRS brings transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions.
IFRS strengthens accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money. IFRS provide information that is needed to hold management to account. As a source of globally comparable information, IFRS is also of vital importance to regulators around the world.
IFRS contributes to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. For businesses, the use of a single, trusted accounting language lowers the cost of capital and reduces international reporting costs.23.01.2016