2026-07-07T11:32:02-05:00 2025-12-31 991856619 GRANT THORNTON ADVISORS LLC 53 STATE STREET SUITE 1600 BOSTON MA 02109 990 2025-01-01 134164140 INTERNATIONAL FINANCIAL REPORTING STANDARDS FOUNDATION INTE 4158309220 233 SANSOME STREET 9TH FLOOR 900 SAN FRANCISCO CA 94104 MICHEL MADELAIN MANAGING DIRECTOR 4158309220 2026-07-07 1 ERIN COUTURE P01390592 6177237900 2025 2025-03-06 01:10:19Z MICHEL MADELAIN 233 SANSOME STREET 9TH FLOOR 900 SAN FRANCISCO CA 94104 85510512 0 X WWW.IFRS.ORG X 2001 DE SEE SCHEDULE O 22 22 51 149 0 0 48137441 49950794 6902841 3861313 1202255 1330684 25970786 30367721 82213323 85510512 14837470 16568482 0 0 50590353 51151370 0 0 933847 18995962 16007204 84423785 83727056 -2210462 1783456 80178327 88167312 21475842 23376003 58702485 64791309 X SEE SCHEDULE O 0 0 63112324 16568482 26956665 SEE SCHEDULE O 1289142 0 8179872 SEE SCHEDULE O 64401466 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 X 9 0 1 51 1 0 1 UK CA GM JA CH 0 0 0 0 0 0 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA CO CT DC DE FL GA ID MD MN NC NJ NY OR TX UT VA WA X KRISTI ROBINSON CFO 2072466410 COLUMBUS BLDG 7 WESTFERRY CIRCUS CANARY WHARF UK E14 4HD X MASAMICHI KONO VICE CHAIR 3.00 0.00 X 15400 0 0 ERRKI LIIKANEN TRUSTEE CHAIR 16.00 0.00 X 154000 0 0 ROBERT POZEN TRUSTEE COMMITTEE CHAIR 3.00 0.00 X 15400 0 0 KENNETH ROBINSON TRUSTEE COMMITTEE CHAIR 5.00 0.00 X 20790 0 0 ISABEL SAINT MALO TRUSTEE COMMITTEE CHAIR 5.00 0.00 X 20790 0 0 RICHARD SEXTON TRUSTEE COMMITTEE CHAIR 5.00 0.00 X 20790 0 0 KEIKO TASHIRO TRUSTEE COMMITTEE CHAIR 5.00 0.00 X 20790 0 0 MARIA THEOFILAKTIDIS TRUSTEE VICE & COMMITTEE CHAIR 5.00 0.00 X 20790 0 0 SHEILA ALROWAILY TRUSTEE (AS OF 01/25) 3.00 0.00 X 0 0 0 BERTRAND BADRE TRUSTEE 3.00 0.00 X 15400 0 0 RUDOLF BLESS TRUSTEE 3.00 0.00 X 0 0 0 JORGE FAMILIAR CALDERON TRUSTEE 3.00 0.00 X 0 0 0 KOUSHIK CHATTERJEE TRUSTEE 3.00 0.00 X 15400 0 0 SHIXIN CHEN TRUSTEE (AS OF 01/25) 3.00 0.00 X 0 0 0 ROWENA CHU TRUSTEE (AS OF 01/25) 3.00 0.00 X 0 0 0 MORGAN DESPRES TRUSTEE 3.00 0.00 X 15400 0 0 ASSIETOU SYLLA DIOUF TRUSTEE (AS OF 01/25) 3.00 0.00 X 0 0 0 LEE SUKJOON TRUSTEE 3.00 0.00 X 15400 0 0 STEVEN MAIJOOR TRUSTEE 3.00 0.00 X 15400 0 0 CHONG-TEE ONG TRUSTEE 3.00 0.00 X 15400 0 0 GIOVANNI SABATINI TRUSTEE 3.00 0.00 X 13200 0 0 ERHARD SCHIPPOREIT TRUSTEE 3.00 0.00 X 15400 0 0 SARAH J AL SUHAIMI TRUSTEE (THRU 12/24) 3.00 0.00 X 15400 0 0 WENCAI ZHANG TRUSTEE (THRU 12/24) 3.00 0.00 X 15400 0 0 ANDREAS BARCKOW IASB CHAIR 40.00 0.00 X 977893 0 0 LINDA-MEZON HUTTER IASB VICE CHAIR 40.00 0.00 X 845624 0 0 EMMANUEL FABER ISSB CHAIR 40.00 0.00 X 977893 0 0 SUE LLOYD ISSB VICE CHAIR 40.00 0.00 X 845624 0 0 JINGDONG HUA ISSB VICE CHAIR 40.00 0.00 X 564890 0 0 MICHEL MADELAIN MANAGING DIRECTOR 40.00 0.00 X 173431 0 0 PATRINA BUCHANAN IASB BOARD MEMBER 40.00 0.00 X 773412 0 0 NICHOLAS ANDERSON IASB BOARD MEMBER 40.00 0.00 X 773412 0 0 ROBERT UHL IASB BOARD MEMBER 40.00 0.00 X 773412 0 0 RIKA SUZUKI IASB BOARD MEMBER 40.00 0.00 X 773412 0 0 TADEU CENDON FERREIRA IASB BOARD MEMBER 40.00 0.00 X 773412 0 0 TERESA KO YUK YIN THRU 1224 VICE CHAIR & COMMITTEE CHAIR 5.00 0.00 X 20790 0 0 DR SURESH P KANA TRUST COMMITTEE CHAIR (THRU 12/24) 5.00 0.00 X 20790 0 0 8734545 0 0 182 1 1 0 CORPORATE TRAVELLER LEVEL 6 CI TOWER SURREY UK KT3 4TE TRAVEL AGENT 1748324 BAKER MCKENZIE LLP 100 NEW BRIDGE STREET LONDON UK EC4V 6JA CONSULTING 775608 BDO 55 BAKER STREET GB UK W1U 7EU INTERNAL AUDIT SERVICES 425088 K&L GATES LLP 1601 K STREET NW WASHINGTON DC 200061600 CONSULTING 385015 ENSEMBLE SYSTEMS INC 4TH FL 2 MINSTER COURT LONDON UK EC3R 7BB CONSULTING 366239 26 12627672 37323122 49950794 PUBLICATIONS & RELATED 812930 3556376 3556376 CONFERENCES 812930 304937 304937 3861313 1330684 1330684 26956665 26956665 MEMBERSHIP SALES 611000 2997777 2997777 EDUCATION SALES 611000 1038780 1038780 EVENT SALES 611000 282002 282002 -907503 -907503 3411056 85510512 35136537 0 423181 16568482 16568482 4867483 4018268 700760 148455 37091590 29422258 7551172 118160 2817005 2022298 777010 17697 1256914 804094 442788 10032 5118378 3435062 1646095 37221 135788 29570 106189 29 956025 380438 561179 14408 628061 65220 530671 32170 34299 34299 45902 45902 285058 285058 946568 350350 406873 189345 4693763 2036952 2656690 121 3784142 2047677 1453338 283127 1384356 1110453 226684 47219 364435 311754 42197 10484 196509 109355 86930 224 316285 20426 295042 817 COST OF DISTR. MATERIAL 1389824 1289142 100725 -43 RECRUITMENT 601156 1526 598804 826 TAXES & FEES 245033 47181 174297 23555 83727056 64401466 18391743 933847 20035519 6436091 17586847 46750833 5381579 6923863 2123528 2900719 43504 69160 2095243 4308385 6216263 5016953 4114880 1199310 19589686 15217399 495248 134012 8712293 4227540 80178327 88167312 10020189 9238934 11013375 13699068 442278 438001 21475842 23376003 X 0 0 0 0 58702485 64791309 58702485 64791309 80178327 88167312 X 1783456 189939 4115429 X X 0 1 X 1 0 X 24235872 48814378 44358382 48137441 49950794 215496867 24235872 48814378 44358382 48137441 49950794 215496867 38018456 177478411 11443732 14387178 758339 1202255 1330684 29122188 377034 1177878 -1217244 -1244741 -907503 -1814576 242804479 111060043 0.73100 0.69530 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: HONORARIA - 2021 AMOUNT: $ 8,760. 2022 AMOUNT: $ 263,464. 2023 AMOUNT: $ 0. 2024 AMOUNT: $ 0. 2025 AMOUNT: $ 0. EXCHANGE GAINS/LOSSES - 2021 AMOUNT: $ 368,274. 2022 AMOUNT: $ 565,071. 2023 AMOUNT: $ -1,217,244. 2024 AMOUNT: $ -1,244,741. 2025 AMOUNT: $ -907,503. OTHER REVENUE - 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 349,343. 2023 AMOUNT: $ 0. 2024 AMOUNT: $ 0. 2025 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3820309 2970281 850028 2395954 2046672 349282 1199310 CORPORATION TAX PROVISION 272241 DEFERRED TAX LIABILITY 165760 438001 X PART X, LINE 2: THE IFRS FOUNDATION WAS INCORPORATED IN FEBRUARY 2001 AND IS REGISTERED IN THE US AS A NOT-FOR-PROFIT CORPORATION KNOWN AS A SECTION 501(C) (03) TAX-EXEMPT ORGANIZATION. THE EXEMPTIONS ARE SUBJECT TO PERIODIC REVIEW BY THE FEDERAL AND STATE TAXING AUTHORITIES AND MANAGEMENT IS CONFIDENT THAT THE IFRS FOUNDATION CONTINUES TO SATISFY ALL FEDERAL AND STATE STATUTES TO CONTINUE TO QUALIFY FOR CONTINUED TAX EXEMPTION STATUS. CORPORATIONS IN THE US ARE REGISTERED IN THE INDIVIDUAL STATES; THE FOUNDATION IS REGISTERED IN THE STATE OF DELAWARE. THE FOUNDATION IS REQUIRED TO REGISTER IN ANY STATE WHERE CHARITABLE FUNDS HAVE BEEN RAISED. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 1 209 PROGRAM SERVICES SEE PART V 47832984 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 2289516 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 8966761 NORTH AMERICA 0 0 INVESTMENTS 3961122 NORTH AMERICA 1 27 GRANTMAKING 5883320 EUROPE (INCLUDING ICELAND & GREENLAND) 1 35 GRANTMAKING 9164888 MIDDLE EAST AND NORTH AFRICA 2 12 GRANTMAKING 1520274 5 283 0 0 5 283 79618865 0 79618865 EUROPE GENERAL SUPPORT 4603710 0 NORTH AMERICA GENERAL SUPPORT 5995820 0 MIDDLE EAST AND NORTH AFRICA GENERAL SUPPORT 1946749 0 3 0 0 1 0 0 1 PART I, LINE 2: THE SUBSIDIARY (GRANTEE) ANNUAL BUDGETS ARE AGREED BY THE TRUSTEES OF THE PARENT COMPANY (GRANTOR) AT THE BEGINNING OF THE FINANCIAL YEAR. TRUSTEES REVIEW THE SUBSIDIARY ACCOUNTS ON ANNUAL BASIS TO ENSURE EXPENDITURE IS AS EXPECTED AND IN LINE WITH THE AGREED BUDGET. PART I, LINE 3: COLUMN (E) IF PROGRAM SERVICES CONDUCTED, DESCRIBE SPECIFIC TYPE OF SERVICES: SEE SCHEDULE O REFERENCES TO FORM 990, PART III DESCRIPTIONS. COLUMN (F) METHOD OF ACCOUNTING USED ON FINANCIAL STATEMENTS: FINANCIAL ACCOUNTS ARE PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING STANDARDS. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 ANDREAS BARCKOW IASB CHAIR 977893 0 0 0 0 0 0 0 0 0 977893 0 0 0 EMMANUEL FABER ISSB CHAIR 977893 0 0 0 0 0 0 0 0 0 977893 0 0 0 LINDA-MEZON HUTTER IASB VICE CHAIR 845624 0 0 0 0 0 0 0 0 0 845624 0 0 0 SUE LLOYD ISSB VICE CHAIR 845624 0 0 0 0 0 0 0 0 0 845624 0 0 0 PATRINA BUCHANAN IASB BOARD MEMBER 773412 0 0 0 0 0 0 0 0 0 773412 0 0 0 NICHOLAS ANDERSON IASB BOARD MEMBER 773412 0 0 0 0 0 0 0 0 0 773412 0 0 0 ROBERT UHL IASB BOARD MEMBER 773412 0 0 0 0 0 0 0 0 0 773412 0 0 0 RIKA SUZUKI IASB BOARD MEMBER 773412 0 0 0 0 0 0 0 0 0 773412 0 0 0 TADEU CENDON FERREIRA IASB BOARD MEMBER 773412 0 0 0 0 0 0 0 0 0 773412 0 0 0 JINGDONG HUA ISSB VICE CHAIR 564890 0 0 0 0 0 0 0 0 0 564890 0 0 0 MICHEL MADELAIN MANAGING DIRECTOR 173431 0 0 0 0 0 0 0 0 0 173431 0 0 0 ERRKI LIIKANEN TRUSTEE CHAIR 154000 0 0 0 0 0 0 0 0 0 154000 0 0 0 TERESA KO YUK YIN THRU 1224 VICE CHAIR & COMMITTEE CHAIR 20790 0 0 0 0 0 0 0 0 0 20790 0 0 0 DR SURESH P KANA TRUST COMMITTEE CHAIR (THRU 12/24) 20790 0 0 0 0 0 0 0 0 0 20790 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS ARE PROVIDED TO SPECIFIC EMPLOYEES WITHIN THE CONTEXT OF EMPLOYER'S ANNUAL UK PAYE SETTLEMENT AGREEMENTS. FORM 990, PART I, LINE 1 THE IFRS FOUNDATION IS AN INDEPENDENT, NOT-FOR-PROFIT ORGANIZATION CREATED IN 2001 TO DEVELOP IN THE PUBLIC INTEREST HIGH-QUALITY, UNDERSTANDABLE, ENFORCEABLE AND GLOBALLY ACCEPTED STANDARDS FOR FINANCIAL REPORTING, AND TO PROMOTE AND FACILITATE THEIR ADOPTION. THE STANDARDS, IFRS ACCOUNTING STANDARDS AND IFRS SUSTAINABILITY DISCLOSURE STANDARDS, ARE COLLECTIVELY REFERRED TO AS IFRS STANDARDS. THEY ARE SET BY THE FOUNDATION'S TWO INDEPENDENT STANDARD-SETTING BODIES, THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) AND THE INTERNATIONAL SUSTAINABILITY STANDARDS BOARD (ISSB), USING A RIGOROUS, INCLUSIVE AND TRANSPARENT DUE PROCESS. FORM 990, PART III, LINE 1 THE IFRS FOUNDATION'S MISSION IS TO DEVELOP IFRS STANDARDS THAT BRING TRANSPARENCY, ACCOUNTABILITY AND EFFICIENCY TO CAPITAL MARKETS AROUND THE WORLD. OUR WORK SERVES THE PUBLIC INTEREST BY FOSTERING TRUST, GROWTH AND LONG-TERM FINANCIAL STABILITY IN THE GLOBAL ECONOMY. KEY ACCOMPLISHMENTS IN 2025 IFRS ACCOUNTING - MADE SUBSTANTIAL PROGRESS ON THE WORK PLAN AND DELIVERED DECISION-USEFUL FINANCIAL REPORTING OUTCOMES FOR STAKEHOLDERS, INCLUDING A MAJOR UPDATE TO THE IFRS FOR SMES ACCOUNTING STANDARD, WHICH IS USED IN 85 JURISDICTIONS, COMPLETION OF THE REVISED IFRS PRACTICE STATEMENT 1 MANAGEMENT COMMENTARY AND AMENDMENTS TO IFRS 19 SUBSIDIARIES WITHOUT PUBLIC ACCOUNTABILITY: DISCLOSURES. - REACHED A SIGNIFICANT MILESTONE WITH THE PROPOSED RISK MITIGATION ACCOUNTING MODEL, WHICH SEEKS TO ADDRESS A GAP IN HOW INTEREST RATE RISK. ONE OF THE MOST IMPORTANT RISKS THAT FINANCIAL INSTITUTIONS MANAGE IS REFLECTED IN FINANCIAL STATEMENTS. - RESPONDED TO REPORTING CHALLENGES THROUGH ENGAGEMENT AND TARGETED GUIDANCE, PUBLISHING ILLUSTRATIVE EXAMPLES ON HOW TO DISCLOSE UNCERTAINTIES IN THE FINANCIAL STATEMENTS AND ISSUING AMENDMENTS TO CLARIFY HOW COMPANIES SHOULD TRANSLATE FINANCIAL STATEMENTS FROM A NON-HYPERINFLATIONARY CURRENCY INTO A HYPERINFLATIONARY ONE. IFRS SUSTAINABILITY - CONTINUED TO SUPPORT JURISDICTIONS IN ADOPTING OR OTHERWISE USING IFRS SUSTAINABILITY DISCLOSURE STANDARDS, INCLUDING PROVIDING TOOLS AND GUIDANCE FOR REGULATORS AND PUBLISHING JURISDICTIONAL PROFILES TO ENHANCE TRANSPARENCY ON ADOPTION PROGRESS. - PROMOTED CONSISTENT APPLICATION THROUGH EDUCATIONAL MATERIALS AND ENGAGEMENT WITH STAKEHOLDERS, WHILE SUPPORTING INTEROPERABILITY THROUGH COLLABORATION WITH OTHER STANDARD-SETTERS AND ADVANCE THE FORWARD-LOOKING WORK PLAN. FORM 990, PART III, LINE 4A THE IFRS FOUNDATION HAS A THREE-TIER GOVERNANCE STRUCTURE, BASED ON TWO INDEPENDENT STANDARD-SETTING BOARDS OF EXPERTS (INTERNATIONAL STANDARDS FOUNDATION 13-4164140 INTERNATIONAL FINANCIAL REPORTING ACCOUNTING STANDARDS BOARD IASB, AND INTERNATIONAL SUSTAINABILITY STANDARDS BOARD - ISSB), GOVERNED AND OVERSEEN BY TRUSTEES FROM AROUND THE WORLD (IFRS FOUNDATION TRUSTEES), WHO IN TURN ARE ACCOUNTABLE TO A MONITORING BOARD OF PUBLIC AUTHORITIES (IFRS FOUNDATION MONITORING BOARD). THE IASB IS AN INDEPENDENT ACCOUNTING STANDARD-SETTING BODY OF THE IFRS FOUNDATION. ITS 12 MEMBERS ARE APPOINTED FROM VARIOUS COUNTRIES AND PROFESSIONAL BACKGROUNDS, INCLUDING ACADEMIA, ACCOUNTANCY, INVESTMENT, REPORTING COMPANIES, REGULATION AND STANDARD-SETTING. THE IASB ISSUES IFRS ACCOUNTING STANDARDS, THE IFRS FOR SMES ACCOUNTING STANDARD AND THE IFRS ACCOUNTING TAXONOMY, WHICH ENABLES DIGITAL REPORTING. THE ISSB IS AN INDEPENDENT SUSTAINABILITY DISCLOSURE STANDARD-SETTING BODY OF THE IFRS FOUNDATION. ITS 12 MEMBERS ARE APPOINTED FROM VARIOUS COUNTRIES AND PROFESSIONAL BACKGROUNDS, INCLUDING ACADEMIA, ACCOUNTANCY, INVESTMENT, SUSTAINABILITY, MARKET OR FINANCIAL REGULATION AND REPORTING COMPANIES. THE ISSB ISSUES IFRS SUSTAINABILITY DISCLOSURE STANDARDS AND THE IFRS SUSTAINABILITY DISCLOSURE TAXONOMY, WHICH ENABLES DIGITAL REPORTING. THE ISSB ALSO MAINTAINS THE SASB STANDARDS. MEMBERS OF THE IASB AND ISSB ARE APPOINTED BY THE TRUSTEES OF THE IFRS FOUNDATION THROUGH AN OPEN AND RIGOROUS PROCESS. THE TRUSTEES, IASB AND ISSB ARE SUPPORTED BY A RANGE OF BODIES, INCLUDING: - THE IFRS ADVISORY COUNCIL, THE FORMAL EXTERNAL ADVISORY BODY TO THE BOARD AND TRUSTEES, CONSISTING OF A WIDE RANGE OF REPRESENTATIVES FROM GROUPS AND INDIVIDUALS THAT ARE AFFECTED BY AND INTERESTED IN THE FOUNDATION'S WORK. - THE INTEGRATED REPORTING AND CONNECTIVITY COUNCIL IS AN ADVISORY BODY TO THE IFRS FOUNDATION TRUSTEES, THE IASB AND ISSB. THE COUNCIL PROVIDES GUIDANCE ON: HOW REPORTING REQUIRED BY THE IASB AND ISSB COULD BE INTEGRATED; AND HOW THE IASB AND ISSB COULD CONSIDER APPLYING PRINCIPLES AND CONCEPTS FROM THE INTEGRATED REPORTING FRAMEWORK TO THEIR PROJECTS. - THE IFRS INTERPRETATIONS COMMITTEE, THE IASB'S INTERPRETATIVE BODY, WHOSE REMIT IS TO RESPOND TO QUESTIONS ABOUT THE APPLICATION OF THE ACCOUNTING STANDARDS (AND DO OTHER WORK AT THE REQUEST OF THE IASB), CONSISTING OF MEMBERS DRAWN FROM A VARIETY OF COUNTRIES AND PROFESSIONAL BACKGROUNDS. - THE ACCOUNTING STANDARDS ADVISORY FORUM, CONSISTING OF NATIONAL STANDARD-SETTERS AND REGIONAL STANDARD-SETTING BODIES, CONTRIBUTING TOWARDS THE GOAL OF DEVELOPING GLOBALLY ACCEPTED HIGH-QUALITY ACCOUNTING STANDARDS. - THE ISSB INVESTOR ADVISORY GROUP, A GROUP OF LEADING ASSET OWNERS AND STANDARDS FOUNDATION INTERNATIONAL FINANCIAL REPORTING ASSET MANAGERS IN VARIOUS MARKETS WHO ARE COMMITTED TO IMPROVING THE QUALITY AND COMPARABILITY OF SUSTAINABILITY-RELATED FINANCIAL DISCLOSURES. - THE SUSTAINABILITY STANDARDS ADVISORY FORUM, A GROUP OF NOMINATED MEMBERS FROM JURISDICTIONAL AND REGIONAL AUTHORITIES INVOLVED IN SUSTAINABILITY-RELATED REPORTING. - THE SUSTAINABILITY CONSULTATIVE COMMITTEE, A GROUP TO IDENTIFY, INFORM AND ADVISE THE ISSB ON PRIORITY SUSTAINABILITY MATTERS AND RELATED TECHNICAL PROTOCOLS, AS WELL AS SIGNIFICANT INTERDEPENDENCIES BETWEEN SUSTAINABILITY MATTERS. - BOTH BOARDS ARE SUPPORTED BY THE TECHNICAL STAFF FOUNDATION: CONDUCTING RESEARCH AND OTHER TECHNICAL SUSTAINABILITY AND ACCOUNTING ACTIVITIES, EXTENSIVE ENGAGEMENT WITH STAKEHOLDERS AND COLLABORATIVE OUTREACH WITH THE WORLDWIDE INVESTOR AND BUSINESS COMMUNITY. THE IFRS FOUNDATION HAS A RIGOROUS, INCLUSIVE AND TRANSPARENT DUE PROCESS FOR DEVELOPING IFRS STANDARDS. THIS DUE PROCESS IS OUTLINED IN OUR CONSTITUTION AND IN MORE DETAIL IN THE DUE PROCESS HANDBOOK. THE DUE PROCESS ENABLES OUR DIVERSE GROUP OF STAKEHOLDERS TO FOLLOW AND CONTRIBUTE TO OUR STANDARD-SETTING, HELPING US ENSURE THAT THE REQUIREMENTS IN IFRS STANDARDS REFLECT THE BEST THINKING WORLDWIDE. TRANSPARENCY, FULL AND FAIR CONSULTATION, AND ACCOUNTABILITY ARE THE ESSENTIAL PRINCIPLES OF OUR DUE PROCESS. BY FOLLOWING THESE PRINCIPLES, OUR DUE PROCESS BUILDS TRUST IN AND GLOBAL ACCEPTANCE OF THE IFRS FOUNDATION'S STANDARDS. THE TRUSTEES ARE RESPONSIBLE FOR THE GOVERNANCE OF THE IFRS FOUNDATION. AS PART OF THIS ROLE, THEY ENSURE THAT THE IASB, THE ISSB AND THE IFRS INTERPRETATIONS COMMITTEE FOLLOW THE DUE PROCESS. THE TRUSTEES DO SO VIA THEIR DUE PROCESS OVERSIGHT COMMITTEE (DPOC). ALL MEETING PAPERS THAT INFORM THE DISCUSSIONS OF THE IASB, ISSB AND IFRS INTERPRETATIONS COMMITTEE ARE PUBLISHED ON OUR WEBSITE, AND STAKEHOLDERS CAN WATCH THE DISCUSSIONS VIA LIVE STREAMING OR RECORDINGS. ALL STANDARD-SETTING PROPOSALS ARE PUBLISHED FOR PUBLIC CONSULTATION. THE TRUSTEES ARE CURRENTLY IN THE PROCESS OF AMENDING THE DUE PROCESS HANDBOOK TO FORMALLY INCORPORATE THE ISSB, WHICH, IN THE MEANTIME, IS REQUIRED TO FOLLOW THE REQUIREMENTS SPECIFIED IN THE HANDBOOK FOR THE IASB. THE REVISED HANDBOOK IS EXPECTED TO BE PUBLISHED IN APRIL 2026. BOTH BOARDS CARRY OUT PERIODIC CONSULTATIONS TO INFORM THEIR LONGER-TERM WORK PLANS. THE IFRS FOUNDATION'S REVENUE IS MADE UP OF CONTRIBUTIONS AND EARNED REVENUE. CONTRIBUTIONS ARE MADE UP OF CONTRIBUTIONS FROM JURISDICTIONS; INCLUDING SEED FUNDING FOR THE ISSB; PHILANTHROPIC GRANTS; AND CONTRIBUTIONS FROM CORPORATES. EARNED REVENUE COMES FROM LICENSING OF INTELLECTUAL PROPERTY, PUBLICATIONS, MEMBERSHIP FEES, EDUCATION PROGRAMMES AND CONFERENCES. IN 2026 THE FOUNDATION WILL CONTINUE TO MANAGE ITS OPERATING EXPENDITURE PRUDENTLY AND EFFECTIVELY AND ARE PURSUING FURTHER INITIATIVES TO ENHANCE THE ORGANISATION'S OPERATIONAL STABILITY AND EFFICIENCY. TO LEARN MORE ABOUT THE FOUNDATIONS ACCOMPLISHMENTS AND KEY DEVELOPMENTS DURING 2025, PLEASE SEE OUR 2025 ANNUAL REPORT ON THE FOUNDATION'S WEBSITE WWW.IFRS.ORG. FOR MORE INFORMATION ON THE DEVELOPMENT AND PROGRESS OF IFRS STANDARDS, OR THE IASB AND ISSB'S WORK PLANS AND PROJECTS AT VARIOUS STAGES OF COMPLETION, PLEASE SEE THE "PROJECTS" SECTIONS OF IFRS ACCOUNTING AND IFRS SUSTAINABILITY ON THE FOUNDATION'S WEBSITE WWW.IFRS.ORG. FORM 990, PART III, LINE 4B CONTENT SERVICES AND RELATED ACTIVITIES: PUBLICATIONS AND THE IFRS TAXONOMY ACTIVITIES ALL SUPPORT THE OBJECTIVES OF THE ORGANIZATION AND THE STANDARD-SETTING PROCESS. SOME MAJOR ACTIVITIES ARE AS FOLLOWS: - CREATION AND MANAGEMENT OF CONTENT-RELATED POLICIES: A KEY CHALLENGE FOR THE EARNED REVENUE TEAM IS TO BALANCE THE COMMERCIAL NEEDS AND THE PUBLIC INTEREST MISSION OF THE IFRS FOUNDATION. THE TEAM CONTRIBUTES TO THE MISSION AND FINANCING OF THE ORGANISATION THROUGH THE PROVISION OF PUBLICATION SERVICES. - ADOPTION SUPPORT: THE FOUNDATION SUPPORTS AND ADVISES NATIONAL AUTHORITIES ON THE ADOPTION OR OTHER USE OF THE STANDARDS, WHILE MAINTAINING CONSISTENCY WITH THE INTERNATIONAL POLICIES. - DIRECTING IFRS TRANSLATION ACTIVITIES: IFRS STANDARDS ARE TRANSLATED INTO MORE THAN 40 LANGUAGES WORLDWIDE. ANY TRANSLATION OF THE STANDARDS MUST BE CONSISTENT AND PRESERVE THE INTEGRITY OF THE ORIGINAL MEANING IN A NON-ENGLISH LANGUAGE; THE FOUNDATION FACILITATES THIS BY PROVIDING ADVICE TO TRANSLATING JURISDICTIONS AND BY MONITORING THE VARIOUS REVIEW COMMITTEES. - SALES AND LICENSING OF FOUNDATION MATERIAL: THE FOUNDATION'S WEB SHOP IS THE MAIN SALES TOOL FOR BOOKS, SUBSCRIPTIONS AND OTHER PRODUCTS. NUMEROUS PUBLISHERS AND OTHER INDUSTRY ORGANISATIONS SEEK TO SELL CONTENT. IN ORDER TO PROTECT THE IFRS BRAND, THE FOUNDATION LICENSES THE USE OF MATERIALS, IN CONFORMITY WITH THE FOUNDATION'S LICENSING POLICIES. - IFRS TAXONOMY: THE IFRS TAXONOMY IS THE XBRL REPRESENTATION OF IFRS STANDARDS THAT SEEKS TO ADDRESS THE DEMAND FOR AN ELECTRONIC STANDARD TO TRANSMIT FINANCIAL INFORMATION. UPDATES CONTAIN ADDITIONAL TAXONOMY CONCEPTS THAT REFLECT NEW AND AMENDED IFRS STANDARDS ISSUED BY THE BOARDS, THEREBY ALLOWING ENTITIES TO REPORT ELECTRONICALLY USING THE LATEST IFRS STANDARDS WITHOUT THE NEED FOR THESE ENTITIES TO CREATE THEIR OWN TAXONOMY CONCEPTS. - THE BOARDS AND THE IFRS INTERPRETATIONS COMMITTEE CARRY OUT ACTIVITIES TO SUPPORT THE UNDERSTANDING AND CONSISTENT APPLICATIONS OF IFRS STANDARDS. SUPPORTING MATERIALS INCLUDE: EDUCATIONAL MATERIALS, WEBCASTS AND WEBINARS, ARTICLES, AND INTERPRETATIONS COMMITTEE AGENDA DECISIONS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 PROCESS ENSURES ACCURACY AND COMPLIANCE. QUALIFIED EMPLOYEES GATHER THE DATA, AND THE CHIEF FINANCIAL OFFICER FIRST REVIEWS IT. THEN A U.S. TRUSTEE WITH FORM 990 EXPERIENCE FIRST REVIEWS THE FORM, FOLLOWED BY THE AUDIT & RISK COMMITTEE. EXTERNAL TAX PROFESSIONALS PROVIDE TECHNICAL ADVICE AND HANDLE ELECTRONIC FILING. THE TRUSTEES CONDUCT A FINAL REVIEW BEFORE SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C THE TRUSTEES DEVELOP RULES AND PROCEDURES TO ENSURE THAT THE BOARDS ARE, AND ARE SEEN TO BE, INDEPENDENT. THE FOUNDATION'S CONFLICT OF INTEREST POLICY IS AVAILABLE ON ITS WEBSITE. TRUSTEES AND BOARD MEMBERS COMPLETE A DECLARATION OF INTEREST WHEN THEY ARE APPOINTED, AND THEN AN ANNUAL DECLARATION. SIMILARLY, SENIOR STAFF COMPLETE AN ANNUAL DECLARATION. THE DECLARATIONS ARE REVIEWED BY THE FOUNDATION'S SECRETARIAT. IN ADDITION, THE POLICY ALSO REQUIRES TRUSTEES, BOARD MEMBERS AND SENIOR STAFF TO NOTIFY ANY CHANGES DURING THE YEAR, WITHIN AT LEAST FOURTEEN (14) DAYS OF BECOMING AWARE OF ANY CHANGES. ANY POTENTIAL CONFLICTS OF INTEREST ARE REFERRED TO THE ETHICS AND GOVERNANCE COMMITTEE CONSISTING OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 OVERALL, COMPENSATION AT THE IFRS FOUNDATION IS REVIEWED BY THE HUMAN CAPITAL COMMITTEE, COMPOSED OF TRUSTEES WITH SENIOR EXPERIENCE IN VARIOUS SECTORS. PERIODICALLY, THE COMMITTEE EXAMINES TRENDS IN REMUNERATION USING INDICES LIKE THE CONSUMER PRICE INDEX, PAY TRENDS AND MARKET BENCHMARKS. THE MANAGEMENT, BASED ON THE BUDGET APPROVED BY TRUSTEES, SUBMITS A RECOMMENDATION TO THE HUMAN CAPITAL COMMITTEE FOR THE SALARY REVIEW POT ALLOCATION AND PRINCIPLES TO BE APPLIED. THE HUMAN CAPITAL COMMITTEE CHAIR RECOMMENDS THE POT AND THE PRINCIPLES TO THE FULL TRUSTEE GROUP FOR APPROVAL. AN INDEPENDENT CONSULTANCY PROVIDES BENCHMARKING DATA TO COMPARE PAY LEVELS WITH OTHER EMPLOYERS. MANAGERS MAKE PAY RECOMMENDATIONS BASED ON THE PRINCIPLES APPROVED BY THE TRUSTEES, INCLUDING PERFORMANCE RESULTS, WHICH ARE THEN REVIEWED AND APPROVED BY THE MANAGEMENT COMMITTEE. THE HUMAN CAPITAL COMMITTEE ALSO REVIEWS PROPOSED PAY INCREASES FOR LEADERSHIP ROLES AND SUBMITS THEIR RECOMMENDATIONS TO THE FULL TRUSTEE GROUP FOR FINAL APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENT, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC THROUGH ITS WEBSITE, WWW.IFRS.ORG. FORM 990, ITEM E AND PART VI, SECTION C, LINE 20: THERE HAVE BEEN NO CHANGES DURING THE YEAR IN THE PROCESS FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS. THE AUDIT AND RISK COMMITTEE HAS PRIMARY OVERSIGHT OF THE FINANCIAL STATEMENTS AND FORM 990 AND MAKES RECOMMENDATIONS TO THE FULL BOARD OF TRUSTEES FOR THEIR REVIEW AND COMMENT, INCLUDING ITEM E AND PART VI, SECTION C, LINE 20, RESPECTIVELY, AS (207)246-6410 AND 20 7246 6410. FORM 990, PART VII, SECTION A: REMUNERATION FOR BOARD MEMBERS IS EITHER: AN ANNUAL ALLOWANCE WHERE MEMBERS CAN CHOOSE HOW THIS BALANCE IS RECEIVED IN SALARY, PENSION CONTRIBUTIONS AND OTHER BENEFITS; OR GROSS SALARY PLUS EMPLOYERS TAXES PAYABLE BY THE FOUNDATION. THE ANNUAL GROSS SALARY BASED ON A FULL YEAR FOR IASB AND ISSB MEMBERS RANGES BETWEEN $334,034 AND $773,412. TEN BOARD MEMBERS RECEIVED COMPENSATION OF THE SAME AMOUNT, $773,412 AND ARE CONSIDERED TO BE IN THE GROUP OF TOP FIVE HIGHEST COMPENSATED EMPLOYEES. IN ADDITION TO THOSE LISTED ON PART VII, SECTION A, THE FOLLOWING BOARD MEMBERS WERE PAID THE SAME AMOUNT: BERTRAND PERRIN - $773,412 BRUCE MACKENZIE - $773,412 ZACH GAST- $773,412 HAGIT KEREN- $773,412 FLORIAN ESTERER- $773,412 TRUSTEES HAVE WAIVED THEIR FEES FOR TWO YEARS FROM JANUARY 2025 TO DECEMBER 2026. NO COMPENSATION WAS RECEIVED FOR 2025. HOWEVER, SINCE THEIR COMPENSATION IS PAID IN ARREARS, IT WAS PAID IN 2025 FOR THEIR PRIOR SERVICE. FORM 990, PART XI, LINE 9: FX TRANSLATION DIFF ON OPENING RESERVE 4,115,429. FORM 990, PART XII, LINE 2C: THERE HAVE BEEN NO ALTERATIONS TO THE PROCESS FOR SUPERVISING THE AUDIT OF THE FINANCIAL STATEMENTS. VALUE REPORTING CHARITY UK COLUMBUS BLDG 7 WESTFERRY CI CANAR LONDON UK E14 4HD CHARITY UK VRF UK 0 IFRS FOUNDATION (ISSB) FRANKFURT OPERNPLATZ 14 60313 FRANKFURT AM M FRANKFURT GM 60313 CHARITY GM IFRS FDN 1 IFRS FOUNDATION (ISSB) MONTREAL 1100 RENE-LEVESQUE BLVD W 25TH FLOO MONTREAL CA H3B 5C9 CHARITY CA IFRS FDN 1 IFRS FOUNDATION ASIA OCEANIA IPPAN SHADAN HOJIN SOUTH TOWER 9-7 OTEMACHI 1-CHOME CHIYODAKU TOKYO JA 100-0004 CHARITY JA IFRS FDN 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 IFRS FOUNDATION (ISSB) MONTREAL B 5995820 FMV IFRS FOUNDATION (ISSB) FRANKFURT B 4603709 FMV IFRS FOUNDATION ASIA OCEANIA IPPAN SHADAN HOJIN B 856159 FMV