Resources for preparers

How we engage with preparers

Balancing change

Generally when a new Standard is introduced or an amendment is made to an existing Standard, preparers need to make changes to the systems and processes that support the preparation of financial statements. It's important to think carefully before proposing any change.

To help us get it right, we encourage preparers to take part in our activities:

Standards development

We welcome contributions from preparers in the development of new IFRS Standards—via comments on our proposals and in outreach meetings that are often coordinated through national standard-setters and regional standard-setter groups.

View a list of consultations that are currently open for comment.

Read more information about how we work with national standard-setters. 

Accounting Standards application queries

The principle-based nature of IFRS Standards can sometimes lead to differences in the interpretation of how to apply those principles. We do not have the resources to provide a technical help desk to resolve queries about individual transactions and fact-patterns.

However, preparers can—often by working with their auditors—submit application queries on Accounting Standards to the IFRS Interpretations Committee, which is the IASB’s interpretative body. Find out whether and how to submit an application query to the Interpretations Committee.

Sustainability Disclosure Standards application queries

The International Sustainability Standards Board (ISSB) issued its inaugural standards—IFRS S1 and IFRS S2—on 26 June 2023. Over time we will be expanding our library of resources to help companies apply ISSB Standards. Find supporting materials for IFRS Sustainability Disclosure Standards.

Preparers forums

The IFRS Foundation works closely with the Global Preparers Forum (GPF), which was established in 2008. This group of preparers from around the world meets with IASB members three times a year. Members of the forum provide advice on the practical implications of our proposals during the accounting standard-setting process.

The ISSB Technical Reference Group is an advisory body to the International Sustainability Standards Board (ISSB). The purpose of the ISSB Technical Reference Group is to bring together a broad range of subject matter experts from former Climate Disclosure Standards Board and Value Reporting Foundation technical groups to provide technical advice and support to ISSB board members and technical staff.

Why we work with preparers

Preparers—companies—apply IFRS Standards in preparing financial statements. Generally, when a new Standard is introduced or an amendment is made to an existing Standard, companies need to make changes to the systems and processes that support the preparation of financial statements. To ensure that new Standards and amendments can be applied effectively, engagement with, and advice from preparers is very important to us. For these reasons, we ensure preparers are represented at all levels of our organisation, including our advisory bodies and consultative groups.

Our work with preparers allows us to:

• receive advice from those who are using the Standards throughout the standard-setting process, helping us to ensure the Standards can be applied effectively; and
• support the consistent application of Standards. Supporting consistent application underpins the Foundation’s objective that the Standards require high-quality, transparent and comparable information in financial statements.

Benefits for preparers

• applying the Standards helps companies access the global markets and attract investment.
• international companies also benefit from applying a single set of global Accounting Standards across jurisdictions because the Accounting Standards provide a common financial reporting language enabling financial reporting systems and processes to be streamlined.