| 1. Development of IFRS |
Responsible for creating and issuing International Financial Reporting Standards (IFRS) to ensure global consistency in financial reporting. |
| 2. Harmonization of Accounting Standards |
Works towards aligning national accounting standards with IFRS, aiming to reduce discrepancies across countries and foster global consistency. |
| 3. Convergence of National Standards with IFRS |
Aims to bring national financial reporting standards (e.g., US GAAP) in line with IFRS, facilitating global comparability in financial reporting. |
| 4. Maintenance and Updating of IFRS |
Continuously reviews and updates IFRS to reflect changes in the economy, technology, and market needs, ensuring the standards remain relevant and practical. |
| 5. Promoting the Adoption of IFRS |
Actively works to encourage global adoption of IFRS, ensuring consistency in financial reporting practices across different countries. |
| 6. Providing Guidance on the Application of IFRS |
Issues guidance and interpretations to clarify how IFRS should be applied in specific scenarios, ensuring uniform application across organizations. |
| 7. Issuing Interpretations and Amendments |
Issues interpretations and amendments to existing standards to address complex issues and ensure consistent application of IFRS. |
| 8. Consulting and Engaging Stakeholders |
Engages with stakeholders (e.g., regulators, investors, companies) to ensure IFRS meets the needs of users of financial statements through public consultations. |
| 9. Education and Support |
Provides education and training resources to help stakeholders understand and apply IFRS correctly and consistently. |
| 10. Monitoring the Global Impact of IFRS |
Monitors the global implementation of IFRS and evaluates its impact on financial markets, ensuring it meets its intended goals of transparency and comparability. |