The IFRS Foundation states that its mission is to develop IFRS Standards that bring transparency, accountability and efficiency to capital markets around the world, and that their work serves the public interest by fostering trust, growth and long-term financial stability in the global economy.

[3] In 2001, the International Accounting Standards Committee (IASC, established 1973) reformed itself under a new dual structure consisting mainly of an independent standard-setting body, the International Accounting Standards Board, and a foundation that appoints and funds the IASB, initially named the IASC Foundation.

Tagging makes information computer-readable and, therefore, more accessible to investors and other users of electronic company financial reports.

The Foundation receives earned revenue from intellectual property licensing, publications, subscriptions, membership fees, education programmes and conferences.

[10] The Foundation is governed by a board of 22 trustees,[2] including, as of 2024[update]: The trustees' responsibilities[12] include IFRS Foundation governance, strategy and funding; due process oversight; and IASB, ISSB, IFRS Interpretations Committee and advisory body appointments.