The International Accounting Standards Committee (IASC) Foundation is an independent not-for-profit, private sector organisation.

The Foundation is committed to developing, in the public interest and through its standard-setting body, the International Accounting Standards Board (IASB), a single set of high quality, international financial reporting standards for general purpose financial statements.

In the light of this main objective it promotes the use and rigorous application of IFRSs and will also take account of the special needs of small and medium-sized entities (SMEs) and emerging economies.