The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards.
Our Standards are developed by our two standard-setting boards, the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB).
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IFRS Accounting Standards are developed by the International Accounting Standards Board (IASB). The IASB is an independent standard-setting body within the IFRS Foundation.
IFRS Accounting Standards are, in effect, a global accounting language—companies in more than 140 jurisdictions are required to use them when reporting on their financial health. The IASB is supported by technical staff and a range of advisory bodies.
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IFRS Sustainability Disclosure Standards are developed by the International Sustainability Standards Board (ISSB). The ISSB is an independent standard-setting body within the IFRS Foundation.
IFRS Sustainability Standards are developed to enhance investor-company dialogue so that investors receive decision-useful, globally comparable sustainability-related disclosures that meet their information needs. The ISSB is supported by technical staff and a range of advisory bodies.
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08 January 2018
IFRS 9 and IFRS 15 are now effective
IFRS 9 Financial Instruments
IFRS 9 was issued in 2014 and replaces IAS 39 Financial Instruments: Recognition and Measurement. It consists of three different parts: classification and measurement, impairment and hedge accounting.
The most significant change resulting from IFRS 9 is how banks account for loan losses, though the Standard is also relevant for other companies.
To read more about it and access the Standard click here. Materials prepared to support implementation of IFRS 9 can be found here.
IFRS 15 Revenue from Contracts with Customers
IFRS 15 was also issued in 2014. It replaces two Standards, IAS 18 Revenue and IAS 11 Construction Contracts.
IFRS 15 specifies when and how much revenue a company should recognise, and the information about revenue that the company should disclose in its financial statements. It is relevant for all companies.
To read more about it and access the Standard click here. Materials prepared to support implementation of IFRS 15 can be found here.
IFRS 9 and IFRS 15 are effective for reporting periods starting on or after 1 January 2018.
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