What is International Financial Reporting Standard (IFRS) foundation? Mention two (2) objectives of the foundation. (5 marks)
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IFRS foundation is a non- profit making Private Sector body that oversees the International Accounting Standards Board (IASB) activities.
The Objectives are:
- Develop a single set of high quality understandable, enforceable and globally accepted standards.
- Promote the use and rigorous application of those standards.
- Take account of the financial reporting need of emerging economies and small and medium-sized entities.
- Bring about convergence of national accounting standards and IFRS(s) to high quality solutions.