2018-10-24T13:07:04-05:00 2017-12-31 222428965 CITRIN COOPERMAN & COMPANY LLP 709 WESTCHESTER AVENUE WHITE PLAINS NY 10604 990 2017-01-01 132915461 INTERNATIONAL FEDERATION OF ACCOUNTANTS INTE 2122869344 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 100173622 RUSSELL GUTHRIE CFO 2122869344 2018-10-22 1 BARBARA LANE CPA P00005830 9149492990 100.2.246.82 2018-10-22 13:54:00 ED P CD2C8BEAFD88566E0F61980CE238B085CBC93032 7FCC06D60E41FA47D5F3F115DAEF566F3FB70E7E 2017 2018-06-14 16:35:46Z FAYEZUL CHOUDHURY 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 100173622 35454464 0 X WWW.IFAC.ORG X 1977 SZ IFAC ACTS IN THE PUBLIC INTEREST AND HAS NO PROFIT-MAKING PURPOSE. IFAC SERVES THE PUBLIC INTEREST BY: CONTRIBUTING TO AND SUPPORTING HIGH-QUALITY INTERNATIONAL STANDARDS, HELPING TO BUILD AND ENCOURAGING STRONG PROFESSIONAL ACCOUNTANCY ORGANIZATIONS, ACCOUNTING FIRMS, AND HIGH-QUALITY PRACTICES BY PROFESSIONAL ACCOUNTANTS; AND SPEAKING OUT ON PUBLIC INTEREST ISSUES. 23 23 79 172 0 0 32055274 34061556 0 0 24460 42336 1055952 1331646 33135686 35435538 0 0 0 0 17502893 17363744 0 0 0 15133331 15472946 32636224 32836690 499462 2598848 16820126 20097104 6785295 10265919 10034831 9831185 SEE SCHEDULE O 0 0 IFAC IS THE GLOBAL ORGANIZATION FOR THE ACCOUNTANCY PROFESSION, DEDICATED TO SERVING THE PUBLIC INTEREST BY STRENGTHENING THE PROFESSION AND CONTRIBUTING TO THE DEVELOPMENT OF STRONG INTERNATIONAL ECONOMIES. IT IS COMPRISED OF MORE THAN 175 MEMBERS AND ASSOCIATES IN 130 COUNTRIES AND JURISDICTIONS, REPRESENTING ALMOST 3 MILLION ACCOUNTANTS IN PUBLIC PRACTICE, EDUCATION, GOVERNMENT SERVICE, INDUSTRY, AND COMMERCE. IFAC'S STRUCTURE AND GOVERNANCE ARE DESIGNED TO PROMOTE TRANSPARENCY, TO FACILITATE COLLABORATION WITH MEMBERS AND CONSULTATION WITH STAKEHOLDERS, AND TO ENSURE THE EFFECTIVE OPERATIONS OF THE ORGANIZATION. 0 1 0 1 0 0 0 0 0 1 0 0 1 1 0 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 34 0 1 79 1 0 1 CA AS UK 0 0 0 0 X 23 23 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X THE ORGANIZATION 2122869344 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 100173622 RACHEL GRIMES PRESIDENT 16.00 X X 0 0 0 IN-KI JOO DEPUTY PRESIDENT 16.00 X X 0 0 0 AHMADI HADIBROTO BOARD MEMBER 2.00 X 0 0 0 ALAN JOHNSON BOARD MEMBER 2.00 X 0 0 0 BILL BALHOFF BOARD MEMBER 2.00 X 0 0 0 CAROL BELLRINGER BOARD MEMBER 2.00 X 0 0 0 GAIL MCEVOY BOARD MEMBER 2.00 X 0 0 0 IDESIO COELHO BOARD MEMBER 2.00 X 0 0 0 JOY THOMAS BOARD MEMBER 2.00 X 0 0 0 KUMAR RAGHU BOARD MEMBER 2.00 X 0 0 0 MASUM TURKER BOARD MEMBER 2.00 X 0 0 0 MICHAEL HATHORN BOARD MEMBER 2.00 X 0 0 0 NORUNN BYRKJELAND BOARD MEMBER 2.00 X 0 0 0 PAMELA MONROE ELLIS BOARD MEMBER 2.00 X 0 0 0 PHILIPPE ARRAOU BOARD MEMBER 2.00 X 0 0 0 RAPHAEL DING BOARD MEMBER 2.00 X 0 0 0 RICHARD PETTY BOARD MEMBER 2.00 X 0 0 0 SEBASTIAN ACHULIKE OWUAMA BOARD MEMBER 2.00 X 0 0 0 SHINJI SOMEHA BOARD MEMBER 2.00 X 0 0 0 TERENCE NOMBEMBE BOARD MEMBER 2.00 X 0 0 0 TOMMYE BARIE BOARD MEMBER 2.00 X 0 0 0 DR WIENAND SCHRUFF BOARD MEMBER 2.00 X 0 0 0 DR ZHIGUO YANG BOARD MEMBER 2.00 X 0 0 0 FAYEZUL CHOUDHURY CEO 40.00 X 877764 0 38956 THORSTEN KLEIBOLD SWISS LEGAL LIAISON 2.00 X 0 0 0 RUSSELL GUTHRIE EXECUTIVE DIRECTOR 40.00 X 605010 0 64516 ALTA PRINSLOO EXECUTIVE DIRECTOR 40.00 X 568170 0 81338 JOHN STANFORD TECHNICAL DIRECTOR 40.00 X 259952 0 7675 JAMES GUNN MANAGING DIRECTOR 40.00 X 484010 0 76509 SYLVIA TSEN SENIOR DIRECTOR 35.00 5.00 X 427011 0 51997 KEEAN SIONG TECHNICAL DIRECTOR 40.00 X 317999 0 64766 GARY PFLUGRATH DIRECTOR 40.00 X 291086 0 34583 LINDA LACH DIRECTOR 40.00 X 257192 0 58698 ANTHONY MIRENDA DIRECTOR 40.00 X 246920 0 58884 MATTHEW WALDRON DIRECTOR 40.00 X 223185 0 45075 BEVERLY BAHLMANN DEPUTY DIRECTOR 40.00 X 258709 0 35675 AMIR GHANDAR DEPUTY DIRECTOR 40.00 X 236686 0 54273 DIANE JULES DEPUTY DIRECTOR 40.00 X 231796 0 57265 BRETT JAMES DEPUTY DIRECTOR 40.00 X 231176 0 55405 JOSEPH BRYSON DEPUTY DIRECTOR 40.00 X 229818 0 55230 STATHIS GOULD DEPUTY DIRECTOR 40.00 X 222167 0 59841 5968651 0 900686 45 0 1 0 ARNOLD SCHILDER WOKENVELD 26 1359 HB NLALMERE NL IAASB CHAIR 720000 STAVROS THOMADAKIS 43 UPLAND ROAD CAMBRIDGE MA 02140 IESBA CHAIR 500000 VERREX LLC 1130 ROUTE 22 WEST MOUNTAINSIDE NJ 07092 IT, AUDIO VISUAL & COMMUNICATIONS 343542 IAN CARRUTHERS 15A THE TERRACE LONDON UK SW13 ONP IPSASB CHAIR 264298 CITRIN COOPERMAN & COMPANY LLP 529 FIFTH AVENUE NEW YORK NY 10017 AUDITING & CONSULTATION SERVICES 180139 6 32481930 1176177 403449 34061556 42336 42336 318287 318287 105633 18926 86707 86707 FOREIGN EXCHANGE GAIN 900099 912702 912702 MEMBERSHIP APPLICATION FEE 900099 13950 13950 926652 35435538 86707 0 1287275 5435680 8900603 775221 1536739 715501 195067 235060 3258129 25417 60561 642266 1208960 3490321 1288157 533484 154202 PUBLIC INTEREST OVERSIG 1093781 COMMUNICATIONS AND PUBL 1038443 FOREIGN EXCHANGE LOSS 590661 OTHER COMMITTEE EXPENSE 518568 1139869 32836690 12311647 15817834 16000 0 14746 32481 634596 750623 5134158 2862340 2341609 2271818 2199 0 1499329 1224348 16820126 20097104 3550286 3697129 713305 991474 2521704 5577316 6785295 10265919 X 0 0 10034831 9831185 0 0 10034831 9831185 16820126 20097104 X 2598848 -2802494 X X 0 1 X 1 0 X 0 1 0 2946578 1198757 1747821 1457942 1053953 403989 729638 609630 120008 2271818 ADVANCES / DEPOSITS 624698 FORUM OF FIRMS RECEIVABLES 447877 MISCELLANEOUS RECEIVABLES 151773 1224348 ACCRUED PENSION COSTS 3100522 ACCRUED SALARIES 2476794 5577316 35122986 18926 18926 35104060 331478 331478 35435538 32524138 18926 18926 32505212 331478 331478 32836690 PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 18,926. PART XI, LINE 4B - OTHER ADJUSTMENTS: FOREIGN EXCHANGE GAIN 331,478. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 18,926. PART XII, LINE 4B - OTHER ADJUSTMENTS: FOREIGN EXCHANGE GAIN 331,478. EAST ASIA AND THE PACIFIC 0 1 PROGRAM SERVICESPROGRAM SERVICES DRAFTING, ACCOUNTING, LITERATURE 358892 NORTH AMERICA 1 10 PROGRAM SERVICES DRAFTING, ACCOUNTING, LITERATURE 1453402 EUROPE 0 0 PROGRAM SERVICES DRAFTING, ACCOUNTING, LITERATURE 1484292 EUROPE 0 0 PROGRAM SERVICES DRAFTING, ACCOUNTING, LITERATURE 957321 1 11 0 0 1 11 4253907 0 4253907 0 0 0 0 0 0 X X 1 1 X X X X X 0 0 0 FAYEZUL CHOUDHURY CEO 603564 0 274200 0 0 0 35000 0 3956 0 916720 0 0 0 RUSSELL GUTHRIE EXECUTIVE DIRECTOR 515810 0 89200 0 0 0 35000 0 29516 0 669526 0 0 0 ALTA PRINSLOO EXECUTIVE DIRECTOR 478970 0 89200 0 0 0 35000 0 46338 0 649508 0 0 0 JOHN STANFORD TECHNICAL DIRECTOR 222426 0 37526 0 0 0 0 0 7675 0 267627 0 0 0 JAMES GUNN MANAGING DIRECTOR 415810 0 68200 0 0 0 35000 0 41509 0 560519 0 0 0 SYLVIA TSEN SENIOR DIRECTOR 355811 0 71200 0 0 0 35000 0 16997 0 479008 0 0 0 KEEAN SIONG TECHNICAL DIRECTOR 260999 0 57000 0 0 0 22200 0 42566 0 382765 0 0 0 GARY PFLUGRATH DIRECTOR 241086 0 50000 0 0 0 18678 0 15905 0 325669 0 0 0 LINDA LACH DIRECTOR 217192 0 40000 0 0 0 15984 0 42714 0 315890 0 0 0 ANTHONY MIRENDA DIRECTOR 246920 0 0 0 0 0 21055 0 37829 0 305804 0 0 0 MATTHEW WALDRON DIRECTOR 223185 0 0 0 0 0 19800 0 25275 0 268260 0 0 0 BEVERLY BAHLMANN DEPUTY DIRECTOR 208709 0 50000 0 0 0 18660 0 17015 0 294384 0 0 0 AMIR GHANDAR DEPUTY DIRECTOR 218686 0 18000 0 0 0 13200 0 41073 0 290959 0 0 0 DIANE JULES DEPUTY DIRECTOR 191796 0 40000 0 0 0 13783 0 43482 0 289061 0 0 0 BRETT JAMES DEPUTY DIRECTOR 202176 0 29000 0 0 0 14390 0 41015 0 286581 0 0 0 JOSEPH BRYSON DEPUTY DIRECTOR 191818 0 38000 0 0 0 12496 0 42734 0 285048 0 0 0 STATHIS GOULD DEPUTY DIRECTOR 205167 0 17000 0 0 0 18720 0 41121 0 282008 0 0 0 PART I, LINE 1A PAYMENT/REIMBURSEMENT OF EXPENSES INDICATED IN LINE 1A IS DONE IN ACCORDANCE WITH THE TRAVEL POLICY FOR THE ORGANIZATION'S OFFICERS APPROVED BY THE GOVERNING BOARD OF THE ORGANIZATION. IN ACCORDANCE WITH THE POLICY, THE OFFICERS(AND THEIR SPOUSES, WHICH INCLUDE PARTNERS, WHEN TRAVELING FOR THE ORGANIZATION'S PURPOSES) MAY TRAVEL IN BUSINESS CLASS AT ANY TIME. THE PRESIDENT AND CEO MAY ELECT TO TRAVEL FIRST CLASS. IN ACCORDANCE WITH THE POLICY, THE ORGANIZATION REIMBURSES THE TRAVEL OF SPOUSES OF THE PRESIDENT AND CEO FOR TRAVEL ASSOCIATED WITH COUNCIL MEETINGS OR OTHER CIRCUMSTANCES WHEN SPOUSAL ATTENDANCE IS APPROPRIATE. THE POLICY ADDRESSES: TRAVEL AUTHORIZATION AND RESERVATIONS; MAKING RESERVATIONS; CLASS OF SERVICE AND FARE; UPGRADES FOR TRAVEL; NUMBER OF IFAC PERSONNEL PER AIRCRAFT; ELECTRONIC TICKETS; PREPAID, LOST AND UNUSED TICKETS; SPOUSAL TRAVEL; COMBINING LEISURE WITH BUSINESS TRAVEL; EXCESS BAGGAGE FEES; GROUND TRANSPORT; ACCOMMODATION; MEALS AND ALCOHOL; GUIDELINES FOR TIPS AND GRATUITIES; PASSPORTS, VISAS AND IMMUNIZATIONS; INSURANCE; TRAVEL WARNINGS; TAX REFUNDS; EXPENSE CLAIMS; SUPPORTING DOCUMENTATION; INCORRECT OR INCOMPLETE EXPENSE CLAIMS. RUSSELL GUTHRIE EXECUTIVE DIRECTOR REFUNDABLE RELOCATION ASSISTANCE X 4000 2000 0 0 1 ALTA PRINSLOO EXECUTIVE DIRECTOR REFUNDABLE RELOCATION ASSISTANCE X 3923 1281 0 0 1 BEVERLY BAHLMANN DEPUTY DIRECTOR REFUNDABLE RELOCATION ASSISTANCE X 3000 3000 0 0 1 JOSEPH BRYSON DEPUTY DIRECTOR REFUNDABLE RELOCATION ASSISTANCE X 2050 2050 0 1 1 AMIR GHANDAR DEPUTY DIRECTOR REFUNDABLE RELOCATION ASSISTANCE X 4515 4515 0 0 1 BRETT JAMES DEPUTY DIRECTOR REFUNDABLE RELOCATION ASSISTANCE X 5250 5250 0 0 1 DIANE JULES DEPUTY DIRECTOR REFUNDABLE RELOCATION ASSISTANCE X 14385 14385 0 0 1 32481 FORM 990, PART III, LINE 1: SEE ABOVE DESCRIPTION OF THE MISSION OF THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION'S MEMBERS/STOCKHOLDERS: IFAC IS COMPOSED OF PROFESSIONAL ACCOUNTANCY ORGANIZATIONS THAT MEET THE MEMBER ADMISSION CRITERIA AND OBLIGATIONS SET FORTH IN ITS CONSTITUTION AND BYLAWS. THE COUNCIL APPROVES THE ADMISSION OF MEMBERS, UPON RECOMMENDATION OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 7A UNDER IFAC'S CONSTITUTION, EACH FULL MEMBER IN GOOD STANDING HAS ONE VOTE, WHICH MAY BE CAST AT ANY COUNCIL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE GOVERNING BODIES OF IFAC ARE THE COUNCIL AND THE BOARD. THE OFFICERS OF IFAC ARE THE PRESIDENT, THE DEPUTY PRESIDENT, THE CHIEF EXECUTIVE OFFICER, AND SUCH OTHER OFFICERS AS THE BOARD SHALL DEEM NECESSARY. THE COUNCIL IS THE SUPREME AUTHORITY OF IFAC AND IS VESTED WITH THE ULTIMATE GOVERNANCE AUTHORITY OVER IFAC. THE COUNCIL DELEGATES THE POWER TO GOVERN AND OVERSEE THE OPERATIONS OF IFAC TO THE BOARD. THE COUNCIL HAS THE EXCLUSIVE RIGHT, POWER, AND AUTHORITY TO, UPON RECOMMENDATION OF THE BOARD, APPROVE THE APPOINTMENT OF MEMBERS OF THE NOMINATING COMMITTEE AS SET FORTH IN SECTION IX OF THE CONSTITUTION AND THE BYLAWS AND SUBJECT TO ANY APPROVAL BY THE RELEVANT PUBLIC INTEREST OVERSIGHT AUTHORITY; THE AMENDMENT OR REPEAL OF BYLAWS OR THE ENACTMENT OF NEW BYLAWS; AND AMENDMENTS TO THE CONSTITUTION. UPON RECOMMENDATION OF THE NOMINATING COMMITTEE, AS ENDORSED BY THE BOARD, APPROVE THE APPOINTMENT AND REMOVAL OF THE PRESIDENT AND THE DEPUTY PRESIDENT, AND THE APPOINTMENT AND REMOVAL OF THE MEMBERS OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE INTERNATIONAL FEDERATION OF ACCOUNTANTS ENGAGES AN INDEPENDENT CPA TAX PROFESSIONAL TO PREPARE THE FORM 990. BOARD MEMBERS GENERALLY FEEL THAT IT IS THE APPROPRIATE FIDUCIARY PROCESS. IT IS THE BOARD OR AUDIT COMMITTEE'S ROLE TO EVALUATE THE PERSON(S) OR FIRM HIRED TO PREPARE THE TAX RETURN AND TO DETERMINE THAT THE RETURN IS APPROPRIATELY FILED. THE IFAC AUDIT COMMITTEE HAS BEEN CHARGED WITH SUCH RESPONSIBILITY AND HAS TAKEN APPROPRIATE STEPS IN THAT REGARD. ADDITIONALLY, A REVIEW OF THE FINAL VERSION OF THE FORM 990 WAS PERFORMED BY A MEMBER OF THE AUDIT COMMITTEE RESIDING AND PRACTICING AS A CPA IN THE UNITED STATES, AS WELL AS, MEMBERS OF THE IFAC'S FINANCE MANAGEMENT TEAM. FORM 990, PART VI, SECTION B, LINE 12C THE IFAC BYLAWS REQUIRE EACH BOARD MEMBER TO SIGN AN INDEPENDENCE (CONFLICT OF INTEREST) DECLARATION AT THE BEGINNING OF EACH YEAR. BOARD MEMBERS ARE SENSITIVE TO ANY INTERESTS THEY MAY HAVE IN A DECISION TO BE MADE BY THE BOARD AND, TO THE EXTENT POSSIBLE, RECOGNIZE SUCH INTEREST PRIOR TO THE DISCUSSION OR PRESENTATION OF SUCH MATTER BEFORE THE BOARD. UPON RECOGNIZING THE EXISTENCE OF THE CONFLICT, REGARDLESS OF THE DEGREE OF MATERIALITY, THE BOARD MEMBER DISCLOSES THE CONFLICT TO THE BOARD BEFORE THE BOARD TAKES ACTION ON THE MATTER. THE CONFLICTED BOARD MEMBER DOES NOT PARTICIPATE IN THE BOARDS DELIBERATION AND ABSTAINS FROM ALL VOTES RELATING TO THE MATTER AT CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE REMUNERATION OF THE CHIEF EXECUTIVE OFFICER IS DETERMINED BY THE PRESIDENT, DEPUTY PRESIDENT, AND CHAIR OF THE AUDIT COMMITTEE. THE CHIEF EXECUTIVE OFFICER'S EMPLOYMENT CONTRACT, INCLUDING HIS REMUNERATION, IS APPROVED BY THE IFAC BOARD. THE REMUNERATION OF THE DIRECTORS ARE DETERMINED BY THE CHIEF EXECUTIVE OFFICER IN CONSULTATION WITH THE PRESIDENT. FORM 990, PART VI, SECTION C, LINE 19 THE PUBLIC CAN ACCESS THESE DOCUMENTS LISTED BY VISITING THE ORGANIZATION'S WEBSITE AT HTTP://WWW.IFAC.ORG AND/OR UPON REQUEST. FORM 990, PART XI, LINE 9: LOSS ON REMEASUREMENT OF DEFINED BENEFIT OBLIGATION -344,939. INCREASE IN ACCRUED PENSION COSTS AND DECREASE IN ACCUMULATED SURPLUS -2,457,555. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCEDURES. FORUM OF FIRMS 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 10017 141858441 PROMOTE CONSISTENT & QUALITY STANDARD OF FINANCIAL REPORTING NY 501(C)(6) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 1