International Accounting Standards Board

Question 1

Objectives of the IFRS Foundation

Answer 1

1. To develop, in public interest, a single set of high-quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles.
2. To promote the use and rigorous application of those standards.
3. To take account of, as appropriate, the needs of a range of sizes and types of entities in diverse economic settings
4. To promote and facilitate adoption of IFRSs being the standards and interpretations issued by the IASB, through the convergence of national accounting standards and IFRSs.