The IFRS Foundation is an independent, not-for-profit private sector organisation working in the public interest. Its principal objectives are: •to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the IASB; •to promote the use and rigorous application of those standards; •to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and •to bring about convergence of national accounting standards and IFRSs to high quality solutions. The governance and oversight of the activities undertaken by the IFRS Foundation and its standard-setting body rests with its Trustees, who are also responsible for safeguarding the independence of the IASB and ensuring the financing of the organisation. The Trustees are publicly accountable to a Monitoring Board of public authorities.