IFRS Foundation

The International Financial Reporting Standards Foundation, or IFRS Foundation, is a nonprofit accounting organization. Its main objectives include the development and promotion of the International Financial Reporting Standards (IFRSs) through the International Accounting Standards Board (IASB), which it oversees.

The foundation was formerly named the International Accounting Standards Committee (IASC) Foundation until a renaming on 1 July 2010, and as of 2012 is governed by a board of 22 trustees.

Activities

Standard-setting

The IFRS Foundation sets out the IFRSs and their interpretations, which include the following:

Of these, the IASs and SICs are previously-developed standards and interpretations that have been adopted by the IASB and IFRS Interpretations Committee respectively. The IFRSs are developed and published by the IASB, the 15-member standard-setting body of the IFRS Foundation, while the IFRICs are provided by the IFRS Interpretations Committee.

International Financial Reporting Standards

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external.

IFRS, with the exception of IAS 29 Financial Reporting in Hyperinflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29, are authorized in terms of the historical cost paradigm. IAS 29 and IFRIC 7 are authorized in terms of the units of constant purchasing power paradigm.

IFRS began as an attempt to harmonize accounting across the European Union but the value of harmonization quickly made the concept attractive around the world. However, it has been debated whether or not de facto harmonization has occurred. Standards that were issued by IASC (the predecessor of IASB) are still within use today and go by the name International Accounting Standards (IAS), while standards issued by IASB are called IFRS. IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new International Accounting Standards Board (IASB) took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards "International Financial Reporting Standards".

IFRS 10, 11 and 12

IFRS 10, IFRS 11 and IFRS 12 are three International Financial Reporting Standards (IFRS) promulgated by the International Accounting Standards Board (IASB) providing accounting guidance related to consolidation and joint ventures. The standards were issued in 2011 and became effective in 2013. IFRS 10 addresses consolidated financial statements, IFRS 11 addresses joint ventures and IFRS 12 address disclosures of interests in other entities. The standards were developed in part in response to the financial crisis of 2008. During the crisis, accounting rules were criticized for permitting certain risky arrangements to be excluded from company balance sheets. IFRS 10 revised the definition of having "control" of another entity, and thus requiring that entity to be consolidated onto the controlling entity's balance sheet. The revised definition is expected to increase the likelihood that an entity is deemed to have control over another. IFRS 11 largely retained previous accounting guidance for joint ventures, but adopted the IFRS 10 definition of "control," meaning that "joint control" would be deemed to exist in some circumstances where it wasn't previously, and vice versa. IFRS 12 requires the disclosures related to subsidiaries, joint ventures and interests in other entities which are not consolidated to be combined into a single disclosure. It also requires disclosures about judgements used to determine whether control exists, why it determined that control did not exist and its relationship with entities it did not consolidate. These extra disclosures were also in response of criticism of the previous accounting guidance in light of the financial crisis.

Foundation

Foundation may refer to:

Organizations

Literature

Music

Foundation (Lackey novel)

Foundation is a Fantasy novel written in 2008 by Mercedes Lackey. It is the first book in The Collegium Chronicles (followed by Intrigues (2010), Changes (2011), Redoubt (2013), and "Bastion" (2014) It is a depiction of the early history of Valdemar its timeline is between The Last Herald Mage and Brightly Burning. The book details a change in the training of Heralds from essentially an apprenticeship such as experienced by Tylendel and Vanyel, to a school based system such as the one in Arrows of The Queen and Brightly Burning. Not all Heralds are in favor of this mainly citing lack of supervision as an objection.

Plot summary

The novel tells the story of Mags, an enslaved child working alongside other enslaved orphans in the bowels of a gemstone mine. The mine owner, Cole Peters, treats the children with casual brutality, an Mags, orphaned in his early childhood, has known no other life all the way up until the mysterious white horse stampedes into his life. This of course, is Dallen, his Companion, who assists Mags by bringing in another Herald to free him and the children. Their freedom comes on the heels of the arrest of Cole Peters, and Mags is flung into the fray of Haven as a Heraldic Trainee, with no notion of life outside of abject slavery. This, of course, left its scars, and Mags has both no idea of how to function in "normal" society, and no notion of why he so often winds up on the wrong end of trouble. His heavy accent and "stupidity" about such normal things leads to the King's Own taking him under his wing as a spy protégé, however, Mags lives in perpetual fear of the bad old days. This fear isn't unjustified, for it seems all of the Heralds are experiencing their own tumultuous changes, as they slowly abandon the old system of apprenticeships which Vanyel learned in, for one of a collegiate style such as what Herald Talia and Herald Elspeth experienced in the time of Arrows of the Queen.

Foundation (United States law)

A foundation in the United States is a type of charitable organization. However, the Internal Revenue Code distinguishes between private foundations (usually funded by an individual, family, or corporation) and public charities (community foundations and other nonprofit groups that raise money from the general public). Private foundations have more restrictions and fewer tax benefits than public charities like community foundations.

History

The two most famous philanthropists of the Gilded Age pioneered the sort of large-scale private philanthropy of which foundations are a modern pillar: John D. Rockefeller and Andrew Carnegie. The businessmen each accumulated private wealth at a scale previously unknown outside of royalty, and each in their later years decided to give much of it away. Carnegie gave away the bulk of his fortune in the form of one-time gifts to build libraries and museums before divesting almost the entirety of his remaining fortune in the Carnegie Foundation and the Carnegie Corporation of New York. Rockefeller followed suit (notably building the University of Chicago) and gave nearly half of his fortune to create the Rockefeller Foundation.