Which country created IFRS?

Who Created IFRS?

IFRS—International Financial Reporting Standards—weren’t created by a single country, but rather by an independent international body. The standards are developed and issued by the International Accounting Standards Board (IASB), headquartered in London, United Kingdom. While the location might suggest British origins, the IASB operates globally, representing a collaborative effort among financial experts from around the world.

Established in 2001, the IASB took over the responsibility for setting international accounting standards from its predecessor, the International Accounting Standards Committee (IASC), which was founded much earlier, in 1973. The goal has always been the same: to create a common global language for financial reporting. This helps ensure transparency, accountability, and efficiency in financial markets across borders.

The United Kingdom’s role is more about hosting than ownership. The IASB functions as a private-sector, non-profit organization, independent of any national government. Its members are appointed through a governance structure designed to balance global interests, with oversight from the IFRS Foundation, whose trustees come from various countries.

Today, more than 140 countries require or permit the use of IFRS, making it the backbone of financial reporting in much of the world. From small businesses in Europe to multinational corporations in Asia and Africa, IFRS helps level the playing field. So while the board is based in London, IFRS itself is truly international—shaped by global input and built for global consistency.