International Financial Reporting Standards (IFRS) Foundation Assessment

IFRS FOUNDATION ASSESSMENT
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IFRS Foundation Assessment
Introduction
The International Accounting Standards Board (IASB) is in charge of establishing the International Financial Reporting Standards (IFRS), and it reports to the IFRS Foundation. The IASB consists of 15 full-time members and is headquartered in London. The IFRS Foundation is overseen by a Trustees' Board, which ensures that the IASB fulfils its objectives (Paul, 2015). The Trustees' Board comprises representatives from various global organisations, including the International Organization of Securities Commissions, the World Bank, and the International Monetary Fund. The Foundation is governed by a Monitoring Board, which is responsible for ensuring that the Foundation carries out its mission and activities in the public interest. The Monitoring Board comprises representatives of business, accounting, auditing, regulatory, and investment communities, as well as users and preparers of financial statements. Since its founding in 2001, the IFRS  Foundation (IFRS Foundation, n.d.) has endeavoured to develop a single set of high-quality, comprehensible, enforceable, and globally accepted accounting standards.
Discussion
The Foundation was established with the primary objective of producing a single set of accounting standards that are of a high quality, easily understood, and are globally accepted. These standards require entities to report their financial information in a transparent and consistent manner in their financial statements, which serves the public interest. In developing the standards, the IASB engages with a variety of stakeholders, including financial statement preparers, auditors, and users. The IASB also conducts accounting research and education and training on the standards.
Furthermore, IASB develops IFRS through a comprehensive due process that includes exposure drafts, public consultations and finalising the standards. Once a standard is finalised, it is issued by the IASB and becomes an IFRS (Ramin and Remain, 2013). The IASB's due process is designed to promote transparency and inclusiveness and to ensure that all interested parties have an opportunity to contribute to the development of IFRS. As a result, the adoption of the IFRS has become easier. It will continue to become easier as more countries have recognised the benefits of the global approach taken by the IASB in developing a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards.
The IASB, the Standing Committee of the IASB (SC), and the Business Reporting Board are all members of the IFRS Foundation (BRB). Each of these three membership groupings is represented by one voting member (IFRS Foundation, n.d). The SC supports the IASB's work, and it examines the activity of working groups and fosters transparency and the identification of significant topics. Furthermore, it may invite IASB members to discuss specific issues. The BRB is a group to which all BRBs may send representatives to the IFRS Foundation. It advises the IFRS Foundation. As a result of their cooperation and collaboration, the Foundation has been able to produce a single set of high-quality, comprehensible, enforceable, and universally accepted accounting standards.
The IFRS Foundation’s goal of promoting and facilitating the adoption of IFRS is achieved through its education and training activities (Ramin and Remain, 2013). The IFRS Foundation provides resources and support to help accountants and other users understand and apply IFRS. The Foundation offers a number of courses and programmes on the standards, including an online course, an introductory course, and a more advanced course. The Foundation also offers a number of resources on the standards, such as publications, webinars, and podcasts. The IASB also issues a number of interpretations of the standards, which provide guidance on the application of the standards. The IFRS standards are issued in English and are translations of the English versions of the standards into other languages. The IASB does not issue standards in any language other than English. The IFRS standards are adopted by a number of countries around the world. In some cases, the standards are entirely adopted, while in other cases, they are adopted with modifications.
The IASB has a due process that it follows when amending or developing IFRSs. According to Giner et al. (2016), the work of the different working groups and the IASB follows the following process: the first phase of any standard-setting project...