The 2015 review was launched on 7 July The IFRS Foundation’s governance structure IFRS Standards are required by over 125 countries globally. The 6 UL RPORT 2016 Review of structure and effectiveness Every five years, the Trustees review the structure and effectiveness of the IFRS Foundation. 07 Aug 2020 The IFRS Foundation has announced that due to concerns about the COVID-19 pandemic and the global nature of its organization, all meetings with advisory and consultative … statement from SASB; the IFRS Foundation should build upon the work in the Joint Statement and structure the SSB in a manner that maintains the ongoing involvement of the Group of 5 as illustrated in Figure 1 above. PRI RESPONSE: Yes. IFRS Foundation Columbus Building 7 Westferry Circus Canary Wharf London E14 4HD Via email: commentletters@ifrs.org 21 December 2020 Subject: IFRS Foundation’s Consultation Paper on Sustainability Reporting ICGN is The IFRS Foundation on September 30 issued a consultation document to solicit public feedback on whether to establish the SSB as a new global standard-setting body under its governance structure. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). We welcome the initiative by the IFRS as there is a need for an internationally more… In February 2014, the IFRS Foundation Trustees announced they intend to start their next review of the structure and effectiveness of the IFRS Foundation in 2015, with one particular area to be examined being the optimum size of The IFRS Foundation’s three-tier governance structure is designed to deliver on these attributes. structure of the IFRS Foundation an appropriate approach to achieving further consistency and global comparability in sustainability reporting? The Trustees are responsible for the strategic direction and governance of For detailed information on the organisation’s structure, the standard-setting process and the spread of IFRS Standards, visit www.ifrs.org. Tagging makes information computer-readable and, therefore, more accessible to investors and other users of electronic … To develop standards in the public interest, the process must 7 Part 2High-level options for the IFRS Foundation 8 Part 3A new Sustainability Standards Board 8 Proposed governance structure of the SSB 9 Requirements for success 9 Providing a Structure of the IFRS regulatory system International Financial Reporting Standards (IFRS) Foundation The IFRS Foundation (formerly known as the International Accounting Standards Committee Foundation (IASC)) is the supervisory body for the IASB and is responsible for governance issues and ensuring each … The IFRS Foundation Constitution requires the IFRS Foundation Trustees to undertake a review of the entire structure of the IFRS Foundation and its effectiveness every five years. Previous reviews have led to complete transparency in technical decision-making It is responsible for developing International Financial Reporting Standards (IFRS … It is appropriate to incorporate the SSB into the governance structure that the IFRS Foundation currently has, in order to ensure the transparency, neutrality, and efficiency of the development of the standards by the SSB. The IFRS Foundation's logo and the IFRS for SMEs ® logo, the IASB ® logo, the ‘Hexagon Device’, eIFRS ®, IAS ®, IASB ®, IFRIC ®, IFRS ®, IFRS for SMEs ®, IFRS Foundation ®, International Accounting Standards ®, International Financial Reporting Standards ®, NIIF ® and SIC ® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS … The IFRS Foundation is proposing that the new SSB would sit alongside the IASB in the Foundation’s governance structure. IFRS, IAS, IFRS Foundation IFRS Foundation must move with urgency with regards to establishing a SSB – if this is the outcome of this consultation – and an appropriate governance structure, while desirable, we do not necessarily share the view that climate-related standards must be finalised quickly; in part, this will 4 IFRB 2020/13 IFRS FOUNDATION TRUSTEES CONSIDER SUSTAINABILITY REPORTING KEYS TO SUCCESS The Trustees have provisionally chosen to develop the SSB option, and invite public comments on the paper. The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation. The IFRS Foundation was established to develop a single set of globally accepted accounting standards, and is the organisation behind IFRS Standards. whose structure and functions are laid out in sections 24–37, shall be the standard-setting body of the IFRS Foundation. In The IASB structure has the following main features: The IASC Foundation is an independent organization having two main bodies, the Trustees and the IASB, as well as a Standards Advisory Council and the International Financial Reporting Interpretations Committee. The IFRS Foundation’s final proposal should result in the establishment of an SSB with an appropriate structure and culture to build effective synergies with existing financial reporting standards. The IFRS Foundation under which the IASB operates has published its Annual Report for 2011. Consequently, the IFRS Foundation has published the IFRS Taxonomy Illustrated to facilitate understanding of the IFRS Taxonomy and its structure, and ultimately to assist with the tagging of financial statements prepared using The spread of IFRS Standards Foundation was established to develop a single set of globally accepted Accounting Standards (... Set of globally accepted Accounting Standards, and is the organisation behind Standards. 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