IFRSs are set by the International Accounting Standards Board (IASB), the independent standard-setting body of the International Accounting Standards Committee Foundation (IASC Foundation).

The Trustees of the IASC Foundation are responsible for its governance and oversight, including funding. The Trustees are publically accountable to a Monitoring Board of capital market authorities.

IFRSs are developed following an international consultation process, involving interested individuals and organisations from around the world and with the support of an external advisory council, the Standards Advisory Committee (SAC).

The International Financial Reporting Interpretations Committee (IFRIC) develops guidance to promote consistent practice