The IFRS Foundation is an independent, not-for-profit private sector organisation working in the public interest. Its principal objectives are:
to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the IASB;
to promote the use and rigorous application of those standards;
to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and
to bring about convergence of national accounting standards and IFRSs to high quality solutions.
The IASB is the independent standard-setting body of the IFRS Foundation. In fulfilling its standard-setting duties the IASB follows a thorough, open and transparent due process of which the publication of consultative documents, such as discussion papers and exposure drafts, for public comment is an important component. The IASB engages closely with stakeholders around the world, including investors, analysts, regulators, business leaders, accounting standard-setters and the accountancy profession.