After qualifying for the tournament for the first time, Bosnia were tipped by many to pose a threat to the bigger teams and potentially push Argentina all the way for top spot in Group F.
However, the reality has been considerably different and Bosnia were eliminated after losing both of their first two matches to Argentina and then Nigeria.
Stuttgart striker Ibisevic told reporters: "We failed and we are responsible for it, some less, some more. We must now share the responsibility.
"Regardless of the individuals, we win and lose as a team. We came to the World Cup with a desire to progress to the next round.
"We all thought that we would go through the group. When we look at things realistically, it is an unfortunate situation.
"However, I should be clear and say that we did not play well enough to reach the second round of the World Cup."
Bosnia play their final World Cup match against Iran in Salvador on Wednesday, with their opponents still chasing a spot in the last 16.
And Ibisevic has urged his team-mates to restore some pride before heading home.
He added: "We need to recover. Most of us are experienced enough to know the game and we will quickly forget the negative things and as soon as possible direct thoughts to the next game.
"Iran is a very well-organised team. They gave Argentina a lot of trouble.
"Against us they will be even more motivated, because they can go into the next round with a win.
"I hope we can show our true selves and defeat them so we can leave the World Cup honourably. It will be difficult."
