What is one of the main responsibilities of the IFRS Foundation?

The IFRS Foundation's primary responsibility includes the appointment of members to the International Accounting Standards Board (IASB) and its related committees. The IASB is crucial as it develops and publishes International Financial Reporting Standards (IFRS), which are designed to bring transparency, accountability, and efficiency to financial markets around the world. By appointing the IASB, the IFRS Foundation ensures that the board operates with qualified professionals who can effectively uphold the integrity and quality of financial reporting.

In contrast, enforcing accounting standards globally is the role of governments and regulatory bodies, not the IFRS Foundation itself. Similarly, the creation of tax regulations is outside the scope of the Foundation's mission, as its focus lies on financial reporting rather than taxation. Regulating stock market transactions typically falls under the jurisdiction of securities regulators, which monitor compliance with laws governing the securities industry. Thus, the IFRS Foundation's critical function of appointing the IASB is central to the global accounting landscape.