2021-11-15T20:44:29-06:00 2020-12-31 BDO USA LLP 8401 GREENSBORO DRIVE 800 MCLEAN VA 22102 990 2020-01-01 134164140 INTERNATIONAL FINANCIAL REPORTING STANDARDS FOUNDATION % KRISTI ROBINSON CFO INTE 2072466410 Columbus Building 7 Westferry Circ LONDON UK E14 4HD LEE WHITE Executive Director 2072466410 2021-11-15 true LEE WHITE 999009999 Marc Berger P01871563 7038930600 3 2020 2022-09-23 18:48:47Z Andreas Barckow Columbus Building 7 Westferry Circ LONDON UK E14 4HD 38709138 false X www.ifrs.org X 2001 DE SEE SCHEDULE O. 22 22 3 134 0 26086311 23635696 4238297 3802557 400538 295589 9200198 10975296 39925344 38709138 0 0 0 0 26712780 27631220 0 0 360256 9868571 7722959 36581351 35354179 3343993 3354959 64066763 71072950 13783210 14364794 50283553 56708156 X OUR MISSION IS TO DEVELOP IFRS STANDARDS THAT BRING TRANSPARENCY, ACCOUNTABILITY AND EFFICIENCY TO FINANCIAL MARKETS AROUND THE WORLD. OUR WORK SERVES THE PUBLIC INTEREST BY FOSTERING TRUST, GROWTH AND LONG-TERM FINANCIAL STABILITY IN THE GLOBAL ECONOMY. (CONT. SCH O) false false 28724444 4790 The IFRS Foundation (Foundation) is a not-for-profit, public interest organization with oversight by a geographically and professionally diverse body of Trustees, accountable to a Monitoring Board of public capital market authorities. The organisation's structure, governance and due process are designed to keep standard-setting independent from special interests while ensuring accountability to diverse groups of stakeholders. The Foundation's mission is to develop IFRS Standards that bring transparency, accountability and efficiency to financial markets around the world. (SEE THE CONTINUATION ON SCHEDULE O.) 3043581 3802557 Content Services, Education and Related Activities: Publications, education and 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 Content Services team is to balance the commercial needs and the public interest mission of the IFRS Foundation. (SEE THE CONTINUATION ON SCHEDULE O.) 31768025 true true false false false false false false false false true false false false false false true false false true true false false false false false false false false true false false false false false false false false false false false false false false false false false true X 3 2 true 3 true false true UK false false false false false false false false false false X 22 22 false false true false false false false true true false false true true true true true true true true false CA DC MI NY NC WA X KRISTI ROBINSON CFO 2072466410 COLUMBUS BLDG 7 WESTFERRY CIRCUS LONDON UK E14 4HD X Hans Hoogervorst President 40.0 0.0 X 875477 0 0 Sue Lloyd Vice President 40.0 0.0 X 756102 0 0 Martin Edelmann BOARD MEMBER 40.0 0.0 X 671179 0 0 Ann Tarca BOARD MEMBER 40.0 0.0 X 671179 0 0 Nick Anderson Board Director 40.0 0.0 X 671179 0 0 Tadeu Cendon Board Director 40.0 0.0 X 671179 0 0 Jianqiao Lu Board Director 40.0 0.0 X 671179 0 0 Lee White Secretary 40.0 0.0 X 404549 0 36743 Nili Shah Chief Technical Executive 40.0 0.0 X 404549 0 36743 Erkki Liikanen Trustee Chair 16.0 0.0 X 256856 0 0 Alan Beller Trustee Committee Chair 5.0 0.0 X 34676 0 0 Else Bos Trustee Committee Chair 5.0 0.0 X 34676 0 0 Michel Madelain Trustee Committee Chair 5.0 0.0 X 34676 0 0 Takafumi Sato Trustee Vice Chair 7.0 0.0 X 34676 0 0 Werner Brandt Trustee Committee Chair 5.0 0.0 X 34676 0 0 Larry Leva Trustee Committee Chair 5.0 0.0 X 34676 0 0 Dame Colette Bowe Trustee 3.0 0.0 X 25686 0 0 Dr Suresh P Kana Trustee 3.0 0.0 X 25686 0 0 Guangyao Zhu Trustee 3.0 0.0 X 25686 0 0 Guillermo Babatz Trustee 3.0 0.0 X 25686 0 0 Kazuyuki Masu Trustee 3.0 0.0 X 25686 0 0 Kurt Schact Trustee 3.0 0.0 X 25686 0 0 Alexsandro Broedel Trustee 3.0 0.0 X 25686 0 0 Joanna Perry Trustee 3.0 0.0 X 25686 0 0 Ross McInnes Trustee 3.0 0.0 X 25686 0 0 Maria Theofilaktidis Trustee 3.0 0.0 X 25686 0 0 Su-Keun Kwak Trustee 3.0 0.0 X 25686 0 0 Teresa Ko Trustee 3.0 0.0 X 25686 0 0 Vinod Rai Trustee 3.0 0.0 X 25686 0 0 Sarah J Al Suhaimi Trustee 3.0 0.0 X 25686 0 0 Lucrezia Reichlin Trustee 3.0 0.0 X 25686 0 0 6492658 0 73486 58 false true false Buckmans THE OLD TRUMAN BREWERY 91-95 BRICK LONDON GREATER LONDON UK E1 6QL PUBLISHING 668366 Ensemble Software UK Limited DAWSON HOUSE 5 JEWRY STREET LONDON 0 UK EC3N 2EX Technology Solutions 666442 Adobe Systems Software 4-6 RIVERWALK CITYWEST BUSINESS CA DUBLIN 0 EI 24 Publishing 469223 KPMG LLP DEPT 791 58 CLARENDON ROAD WATFORD 0 UK WD17 1DE Secondment Arrange 250435 Agile Data Source BRITANNIA HOUSE CHERRY HOLT ROAD UK PE10 9LA Management Solutions 239519 15 9795730 13839966 23635696 PUBLICATIONS & RELATED 812930 3694546 3694546 CONFERENCES 812930 108011 108011 3802557 295589 295589 0 11240007 11240007 0 0 0 0 0 0 0 0 0 0 0 0 0 HONORARIA 812930 4790 4790 NET EXCHANGE LOSS 900099 -269501 -269501 -264711 38709138 3807347 11266095 0 0 0 0 2886324 1386174 1289656 210494 0 20145345 19420141 655150 70054 1346051 1206038 122362 17651 563138 504561 51192 7385 2690362 2410517 244565 35280 0 195697 119996 75701 0 89822 15155 74667 0 0 0 48345 0 48345 0 0 28138 28138 0 0 654153 630164 21677 2312 1987368 1914482 65862 7024 0 1563317 1505982 51809 5526 28397 28397 0 0 0 263220 263220 0 0 0 0 1281589 1234587 42472 4530 112560 26042 86518 0 COST OF DISTRIBUTING MATERIALS 1068358 1068358 0 0 RECRUITMENT 401995 6073 395922 0 35354179 31768025 3225898 360256 13239630 20883713 0 0 3339487 4596621 1290521 1268507 0 0 0 0 0 0 149062 62087 947531 2243479 16869976 5001784 12093072 11868192 33007460 30150351 0 0 0 0 0 0 0 0 64066763 71072950 11863009 11748635 0 0 1920201 2616159 0 0 0 0 0 0 0 0 0 0 0 0 13783210 14364794 X 0 0 0 0 50283553 56708156 50283553 56708156 64066763 71072950 X 3354959 -109377 3179021 X X false true X true false X 33296773 32494953 29974674 26086311 23635696 145488407 0 0 33296773 32494953 29974674 26086311 23635696 145488407 32721056 112767351 3760892 4071962 7179714 9619927 11535596 36168091 0 -176092 328326 -95186 -19191 -264711 -226854 181429644 22149194 0.62155 0.62209 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9147779 2534033 6613746 3990403 1175982 2814421 3731794 1291769 2440025 11868192 41318312 -109377 2718551 2609174 38709138 38709138 35354179 35354179 35354179 Sch D Part XI, line 2d: Other changes - exchange differences: $489,567 OTHER CHANGES IN FAIR VALUE 2,219,999 OTHER CHANGES EXCHANGE DIFFERENCES 8,984 MOVEMENT IN RESERVES - IFRS 16 --------------------------------------------------- $2,718,551 TOTAL Europe (Including Iceland and Greenland) 1 150 Program Services SEE PART V 34908785 East Asia and the Pacific 1 5 Program Services SEE PART V 400168 Europe (Including Iceland and Greenland) 0 0 Investments 30150351 2 155 2 155 65459304 65459304 false false false false false true SCHEDULE F, 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 reported in accordance with International Financial Reporting Standards. X true true X X X X X false false false false false false false false false Erkki Liikanen Trustee Chair 256856 0 0 0 0 0 0 0 0 0 256856 0 0 0 Hans Hoogervorst President 875477 0 0 0 0 0 0 0 0 0 875477 0 0 0 Lee White Secretary 404549 0 0 0 0 0 0 0 36743 0 441292 0 0 0 Sue Lloyd Vice President 756102 0 0 0 0 0 0 0 0 0 756102 0 0 0 Martin Edelmann BOARD MEMBER 671179 0 0 0 0 0 0 0 0 0 671179 0 0 0 Ann Tarca BOARD MEMBER 671179 0 0 0 0 0 0 0 0 0 671179 0 0 0 Nick Anderson Board Director 671179 0 0 0 0 0 0 0 0 0 671179 0 0 0 Tadeu Cendon Board Director 671179 0 0 0 0 0 0 0 0 0 671179 0 0 0 Jianqiao Lu Board Director 671179 0 0 0 0 0 0 0 0 0 671179 0 0 0 Nili Shah Chief Technical Executive 404549 0 0 0 0 0 0 0 36743 0 441292 0 0 0 SCHEDULE J, PART I, LINE 1A Tax indemnification and gross-up payments are made for certain employees in employer annual UK PAYE Settlement Agreements (PSAs). FORM 990, PART I, LINE 1 The Foundation has two major operating programs, which work towards the goal of producing and promulgating a single set of high quality, universally applied, and broadly accepted accounting standards. These are: 1) International Accounting Standards Board (the Board) and its technical activities, and; 2) Content Services, Education and related activities. The objectives of the IFRS Foundation are: (a) to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. These standards require high quality, transparent and comparable information in financial statements and other financial reporting to help investors, other participants in the world's capital markets and other users of financial information make economic decisions; (b) to promote the use and rigorous application of those standards; (c) in fulfilling the objective associated with (a) and (b), to take account of, as appropriate, the needs of a range of sizes and types of entities in diverse economic settings; (d) to promote and facilitate adoption of IFRS Standards. FORM 990, PART I, LINE 5 AND PART V, LINE 2A THE FOUNDATION HAD AN AVERAGE OF 152 EMPLOYEES. One EMPLOYEE is US BASED AND THE REMAINING ARE NON-US BASED AND INCLUDED ON SCHEDULE F PART 1 3C. OF THE TWO EMPLOYEES RECEIVING W2S REPORTED ON PARTS I AND IV OF FORM 990, 1 IS UK BASED. FORM 990, PART III, LINE 1 (Continued from Page 2.) *IFRS Standards bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions. *IFRS Standards strengthen accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money. They provide information needed to hold management to account. As a source of globally comparable information, IFRS Standards are also of vital importance to regulators around the world. *IFRS Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. For businesses, the use of a single, trusted accounting language lowers the cost of capital and reduces international reporting costs. FORM 990, PART III, LINE 4A (continued from page 2.) The Foundation's work serves the public interest interest by fostering trust, growth and long-term financial stability in the global economy. The standard-setting body within the Foundation is the International Accounting Standards Board (the Board), responsible for developing and promoting the use and rigorous application of IFRS Standards. The Board currently consists of up to 14 members, selected on the basis of their professional competence and practical experience, and drawn from a variety of geographical and professional backgrounds, including users, preparers, standard setters and auditors. The Board is supported by: * the IFRS Advisory Council, the formal external advisory body to the Board and Trustees, consisting of a wide range of representatives from groups that are affected by and interested in the Foundation's work; * the IFRS Interpretations Committee, the Board's interpretative body, whose remit it is to review implementation issues and develop authoritative guidance, consisting of members drawn from a variety of countries and professional backgrounds; * the Accounting Standards Advisory Forum, consisting of a broad geographical representation of national and regional accounting standard-setting bodies; and * the Foundation's technical staff: conducting research and other technical accounting activities, extensive engagement with stakeholders and collaborative outreach with the worldwide investor and business community. IFRS Standards are developed according to the "due process", which entails extensive consultation with interested individuals and organizations from around the world. The Board develops its work program through regular public agenda consultations seeking formal input on the strategic direction and overall balance of its work plan. To the extent that the related accounting requirements of the Standards could have major implications for the form and content of information provided to investors and for organizational costs and systems to produce that information, the Board also recognizes that it must obtain robust input from its stakeholders. The Board works in close co-operation with stakeholders from around the world, including investors, national standard-setters, regulators, preparers, auditors, academics, and others who have an interest in the development of high-quality global standards. The Foundation's operational staff participate with the technical staff in coordinating a comprehensive program of support and outreach activities, all designed to enable others to better understand and comment on the principles proposed. The technical work program is the suite of projects that the Board and its Interpretations Committee manage. The technical work plan focuses on projects and activities that are steps toward possible publications by the Board, including Research and Discussion Papers, Requests for Information, results of Post-implementation Reviews, Exposure Drafts, IFRS Standards, Draft Interpretations and Final Interpretations. The technical work plan is updated regularly and is available on the Foundation's website, which also includes estimates of project time lines reflecting recent Board decisions. While the Board has a published work plan, the issuing of final IFRS Standards will be affected by the quantity and diversity of comments and specific feedback received on Discussion Papers and Exposure Drafts. It is also possible that specific interest groups or jurisdictions may raise additional issues that require further time to investigate and resolve. The timing of final IFRS Standards is therefore not completely within the control of the Board; this can also affect the costs of producing IFRS Standards. The Foundation and the Board provide public accountability through the transparency of their work, the consultation with the full range of interested parties in the standard-setting process, and their formal accountability links to the public. Public accountability, ensured by the organization's constitution and governance arrangements, is vital to the organization's success. The Foundation's Trustees seek to ensure that appropriate governance arrangements are in place and observed by all parts of the organization. The majority of the Foundation's funding is based on voluntary contributions from jurisdictions that have put in place national financing regimes. Contribution levels are targeted for the jurisdictions at amounts proportional to their Gross Domestic Product (GDP). While funding mechanisms differ, most jurisdictions have established either a levy on entities, or an element of publicly supported financing. In addition, the organization's other main sources of income are from publications, licensing its intellectual property and from contributions from international accounting firms. In 2021 the Foundation will continue to manage its operating expenditure prudently and effectively and will actively pursue further initiatives to enhance the organization's mission and goals. The 2018 financial Three-Year Plan does not envisage significant increases in the operating requirements of the organization. To learn more about the Foundations accomplishments and key developments, please see our 2020 Annual Report on the Foundation's website www.ifrs.org. For more information on the development and progress of IFRS Standards, or the IASB work plan, time table and projects at various stages of completion, please see the "Projects" section of the Foundation's website www.ifrs.org. FORM 990, PART III, LINE 4B (continued from page 2.) The team contributes to the mission and financing of the organization through the provision of publication services. * Advising national authorities on the IFRS adoption and convergence process, the Translations, Adoption and Copyright Team liaises with the relevant national legal authority to support and enable national adoption of IFRS Standards. The team aims to support this complex process while maintaining consistency with the Foundation's 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 team 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 organizations seek to sell content. In order to protect the IFRS brand, Content Services staff license the use of materials, in conformity with the Foundation's licensing policies. * Education Initiative: The objective of the education initiative is to reinforce the Foundation's goal of promoting the adoption and consistent application of a single set of high-quality international accounting standards. The education initiative develops comprehensive teaching and study materials. Worldwide workshops and conferences are also conducted. * 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 Board, thereby allowing entities to report electronically using the latest IFRS Standards without the need for these entities to create their own taxonomy concepts. FORM 990, PART VI, SECTION A, LINE 4 In October 2021, the Trustees of the IFRS Foundation approved the necessary changes to the IFRS Foundation Constitution to establish the International Sustainability Standards Board to set IFRS Sustainability Disclosure Standards. FORM 990, PART VI, SECTION B, LINE 11 The data for each section of the 990 is completed by qualified employees. The Head of Finance reviews all data. The completed form and supporting documentation are reviewed by senior management, and a member of the Trustees Audit & Finance Committee. External tax professionals provide technical advice for compliance and accuracy and also provide electronic filing services. The completed 990 is provided to the Trustees for final review prior to submission. FORM 990, PART VI, SECTION B, LINE 12C The Trustees develop rules and procedures to ensure that the Board is, and is seen to be, independent. The foundation's written conflict of interest policy is available on its website. Trustees complete a declaration of interest when they are appointed and then an annual declaration each year. The declarations are reviewed by the Secretary of the Trustees. The policy also requires Trustees, IASB members and staff directors 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 executive committee consisting of trustees. There were no items noted in 2018 that required action. FORM 990, PART VI, SECTION B, LINE 15 Compensation at the IFRS Foundation is reviewed by the Human Capital Committee, members of which are drawn from the Trustees of the organization whose role is solely governance related. These Trustees have all held senior positions in government, public regulators, business, the accountancy profession, or academia and therefore bring high level independent, relevant industry experience. As part of the annual review cycle, the Committee meets during the year and discusses prevailing trends on compensation and remuneration. They reference relevant indices such as the UK Consumer Price Index and inflation tables, together with trends in similar organizations. In addition, an independent global specialist remuneration consultancy firm is used to conduct detailed benchmarking of pay levels for each role within the Foundation, including all senior positions, against a large database of employers. Recommendations by managers are subject to detailed reviews. Once the Committee has reviewed all relevant data, they will put forward a recommendation to the full Trustee group for approval. This process is followed for all employees of the organization, including the compensation for the IASB Chairman, Vice Chairman and Board members, as well as the Executive Director. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKE ITS COVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC THROUGH ITS WEBSITE, WWW.IFRS.ORG. FORM 990, PART VII, SECTION A Eight BOARD MEMBERS RECEIVED COMPENSATION OF THE SAME AMOUNT, $671,179 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: Thomas Scott Rika Suziki MARY Tokar Five additional board members are paid the same rate, but due to working a partial year were paid lesser amounts. Darrel Scott - $517,590 Gary Kabureck - $343,646 Chungwoo Shu - $343,646 Zach Gast - $289,907 Bruce Mckenzie - $173,944 ONE ADDITIONAL BOARD MEMBERS IS PAID THE SAME RATE, BUT DUE TO WORKING PART-TIME WERE PAID LESSER AMOUNTS. Francoise Berrendonner $380,345 (part time) FORM 990, PART XI, LINE 9 Other changes - exchange differences: $ 489,567 OTHER CHANGES IN FAIR VALUE 1,950,499 OTHER CHANGES EXCHANGE DIFFERENCES 8,984 MOVEMENT IN RESERVES - IFRS 16 729,971 OTHER ------------------------------------------------- $ 3,179,021 TOTAL FORM 990, PART XII, LINE 2C THERE HAVE BEEN NO CHANGES DURING THE YEAR IN THE PROCESS FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS. FORM 990, item E and Part VI, Section C, line 20 UK Telephone number The full UK international telephone number is +44 (0)20 7246 6410. The number is abbreviated for electronic filing purposes on FORM 990, item E and Part VI, Section C, line 20, respectively, as (207)246-6410 and 20 7246 6410.