Furthermore, as global standards, IFRS cannot possibly integrate the diversity of public policy approaches in the world’s numerous jurisdictions. Financial stability, in particular, is understood differently in different local contexts, partly as a function of political history and regimes, financial development, and attitudes to risk. Thus, financial stability concerns are a valid element to be taken into account in jurisdictional frameworks for the adoption of IFRS, such as the one that exists in the European Union. But they should not be referred to as part of the Foundation’s own mandate.