2013-07-23T10:24:37-05:00 2012-12-31 135381590 BDO USA LLP 7101 WISCONSIN AVE SUITE 800 BETHESDA MD 208144827 990 2012-01-01 134164140 INTERNATIONAL FINANCIAL REPORTING STANDARDS FOUNDATION INTE 2072466410 FIRST FLOOR 30 CANNON ST LONDON UK EC4M 6XH MIRANDA CORTI 2072466410 2013-07-23 1 JOYCE M UNDERWOOD P00022361 3016544900 2012 2016-03-07 17:11:31Z HANS HOOGERVORST FIRST FLOOR 30 CANNON ST LONDON UK EC4M 6XH 40624828 0 X WWW.IFRS.ORG X 2001 DE SEE SCHEDULE O. 22 22 5 181 0 0 33058306 31933358 5678986 5197955 307500 201380 2928793 3292135 41973585 40624828 0 0 0 0 29286718 28292110 0 0 448368 11907532 9349438 41194250 37641548 779335 2983280 24496657 28395107 11532250 10871091 12964407 17524016 X TO DEVELOP, IN THE PUBLIC INTEREST, A SINGLE SET OF HIGH QUALITY, UNDERSTANDABLE, ENFORCEABLE AND GLOBALLY ACCEPTED INTERNATIONAL FINANCIAL REPORTING STANDARDS BASED UPON CLEARLY ARTICULATED PRINCIPLES. 0 0 28804920 30608 THE IFRS FOUNDATION IS AN INDEPENDENT, NOT-FOR PROFIT PRIVATE SECTOR ORGANIZATION WORKING IN THE PUBLIC INTEREST. THE IASB IS THE INDEPENDENT STANDARD-SETTING BODY OF THE IFRS FOUNDATION. ITS MEMBERS (CURRENTLY 16 FULL-TIME MEMBERS) ARE RESPONSIBLE FOR THE DEVELOPMENT AND PUBLICATION OF IFRSS, INCLUDING THE IFRS FOR SMES AND FOR APPROVING INTERPRETATIONS OF IFRSS AS DEVELOPED BY THE IFRS INTERPRETATIONS COMMITTEE. ALL DECISION MAKING MEETINGS OF THE IASB ARE HELD IN PUBLIC AND WEBCAST. (SEE THE CONTINUATION ON SCHEDULE O.) 5084371 8438465 CONTENT SERVICES, AND RELATED ACTIVITIES PUBLICATIONS, EDUCATION AND XBRL ACTIVITIES ALL SUPPORT THE OBJECTIVES OF THE ORGANISATION AND THE STANDARD SETTING PROCESS. THE ACTIVITIES INVOLVED INCLUDE: - THE CREATION OF AN XBRL TAXONOMY FOR IFRSS AND THE IFRS FOR SMES TO FACILITATE THE ELECTRONIC USE, EXCHANGE AND COMPARABILITY OF FINANCIAL DATA PREPARED IN ACCORDANCE WITH IFRSS. (SEE THE CONTINUATION ON SCHEDULE O.)- THE PRODUCTION OF HIGH QUALITY, UNDERSTANDABLE AND UP TO DATE MATERIAL INCLUDING FREELY DOWNLOADABLE TRAINING MATERIAL FOR THE IFRS FOR SMES, AND THE ORGANISATION OF CONFERENCES AND WORKSHOPS ABOUT IFRSS. - THE PROTECTION OF THE IFRS BRAND AND THE SUPPORT OF ADOPTION THROUGH ADDRESSING TRANSLATION AND COPYRIGHT ISSUES AND CONTRIBUTING TO THE FINANCING OF THE ORGANISATION THROUGH THE PROVISION OF PUBLICATION SERVICES. A RANGE OF REVENUES RECOVERED OFFSET DIRECT COSTS AND A PORTION OF THE COSTS OF THE STANDARD SETTING PROCESS DESCRIBED IN PART III, 4A. 33889291 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5 0 1 5 1 0 1 UK SZ JA 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 AL AR AZ CA CT FL GA IL KS KY MD MI NJ NY NC OH OR PA RI SC TN VI WI NH WA X JAMES DEISSLER FINANCE MANAGER IF 2072466410 FIRST FLOOR 30 CANNON ST LONDON UK EC4M 6XH MICHEL PRADA 16.00 X 192464 0 0 RONALD ARCULLI 3.00 X 6539 0 0 CHANDRASHEKHAR BHASKAR BHAVE 3.00 X 8190 0 0 CLEMENS BOERSIG 8.00 X 33747 0 0 DUCK-KOO CHUNG 3.00 X 31647 0 0 YVES-THIBAULT DE SILGUY 3.00 X 39366 0 0 SCOTT EVANS 8.00 X 35111 0 0 TSUGUOKI FUJINUMA 8.00 X 122419 0 0 ROBERT GLAUBER 8.00 X 118863 0 0 HARVEY GOLDSCHMID 3.00 X 28686 0 0 JEFFREY LUCY 5.00 X 36667 0 0 PEDRO MALAN 3.00 X 37822 0 0 SIR CALLUM MCCARTHY 3.00 X 1651 0 0 SIR BRIAN NICHOLSON 3.00 X 28634 0 0 MARCO ONADO 3.00 X 11426 0 0 JAMES QUIGLEY 5.00 X 8190 0 0 NORIAKI SHIMAZAKI 3.00 X 30103 0 0 DAVID SIDWELL 8.00 X 33338 0 0 DICK SLUIMERS 3.00 X 27015 0 0 PAUL TELLIER 3.00 X 28559 0 0 JEFF VAN ROOYEN 3.00 X 29324 0 0 YONG LI 3.00 X 13011 0 0 ANTONIO ZOIDO 3.00 X 31647 0 0 HANS HOOGERVORST 40.00 X 765326 0 0 YAEL ALMOG 40.00 X 229636 0 22964 MIRANDA CORTI 40.00 X 279628 0 27963 IAN MACKINTOSH 40.00 X 749308 0 0 ZHANG WEI-GUO 40.00 X 677606 0 0 PAUL PACTER 40.00 X 690790 0 0 PATRICK FINNEGAN 40.00 X 745289 0 0 PATRICIA MCCONNELL 40.00 X 749289 0 0 PRABHAKAR KALAVACHERLA 40.00 X 744581 0 0 MARVIN CHEUNG 0.00 X 17098 0 0 SAMUEL A DIPIAZZA JR 0.00 X 25262 0 0 ZHONGLI LIU 0.00 X 15584 0 0 T V MOHANDAS PAI 0.00 X 20127 0 0 6643943 0 50927 56 1 1 0 ON24 PO BOX 673862 DETROIT MI 482673862 IT SERVICES 302748 PRICEWATERHOUSE COOPERS LLP 161 MARSH WALL LONDON UK E14 9SQ PROFESSIONAL FEES 215732 TELECITY REDBUS UK LTD 6 HARBOUR EXCHANGE SQUARE LONDON UK E14 9GE IT SERVICES 145480 CITY OFFICE INTERIORS 5TH FLR HURST ST BIRMINGHAM UK B5 4BD OFFICE COSTS 125928 ADVANCED 365 MUNRO HOUSE PORTSMOUTH RD COBHAM SURRY UK KT11 1TF IT SERVICES 101565 5 31933358 31933358 PUBLICATIONS & RELATED 900099 4835930 4835930 CONFERENCES 900099 362025 362025 5197955 201380 201380 3240510 3240510 HONORARIA 900099 30608 30608 NET EXCHANGE LOSSES 900099 21017 21017 51625 40624828 8469073 0 222397 3024067 1257635 1515472 250960 21263076 20484854 695836 82386 1142343 1010500 114572 17271 420120 371632 42136 6352 2442504 2160603 244972 36929 188000 141987 46013 95247 95247 19693 19693 80780 80780 506439 453377 46111 6951 1000823 895963 91123 13737 2126339 1903555 193600 29184 1552425 1552425 2051030 2051030 335005 299905 30502 4598 108678 108678 PUB PRINT/DISTRIBUTION 1226309 1226309 RECRUITMENT FEES 658267 598333 59934 REALISED EXCHANGE GAIN -139918 -139918 TAXATION (UK) -459679 -459679 37641548 33889291 3303889 448368 9189162 9560507 1591632 3986922 2784998 2706814 1483424 1798360 383798 247299 873163 1080196 3699010 2416121 798835 1282889 7166578 7655346 225067 76774 24496657 28395107 5802607 5105817 5729643 5765274 11532250 10871091 X 0 0 0 0 12964407 17524016 12964407 17524016 24496657 28395107 X 2983280 -21751 1598080 X X 0 1 X 1 0 X 23857023 25637399 25661342 33058306 31933358 140147428 23857023 25637399 25661342 33058306 31933358 140147428 52217413 87930015 1043271 3158156 3330322 3436392 3441890 14410031 265119 394780 155311 -200099 51625 666736 155224195 33343340 0.56650 0.57200 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: HONORARIA - 2008 AMOUNT: $ 77,094. 2009 AMOUNT: $ 54,058. 2010 AMOUNT: $ 89,865. 2011 AMOUNT: $ 59,395. 2012 AMOUNT: $ 30,608. EXCHANGE LOSSES - 2008 AMOUNT: $ 188,025. 2009 AMOUNT: $ 340,722. 2010 AMOUNT: $ 65,446. 2011 AMOUNT: $ -259,494. 2012 AMOUNT: $ 21,017. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2015868 1394150 621718 1683142 1021971 661171 1282889 42201158 -21751 1598081 1576330 40624828 0 40624828 37641548 0 37641548 0 37641548 PART XI, LINE 2D - OTHER ADJUSTMENTS: FAIR VALUE ADJUSTMENT 880,879. EXCHANGE DIFFERENCES ON TRANSLATION 717,202. EUROPE (INCLUDING ICELAND & GREENLAND) 1 125 ALL SEE SCHEDULE O REFERENCES TO FORM 990, PART III DESCRIPTIONS. 37178748 EUROPE (INCLUDING ICELAND & GREENLAND) INVESTMENTS 7655346 EAST ASIA AND THE PACIFIC 1 1 ALL SEE SCHEDULE O REFERENCES TO FORM 990, PART III DESCRIPTIONS. 199345 2 126 0 0 2 126 45033439 0 45033439 0 0 0 0 0 0 METHOD USED TO ACCCOUNT FOR EXPENDITURES: SCHEDULE F, PART I, LINE 3: METHOD USED TO ACCOUNT FOR EXPENDITURES: FINANCIAL ACCOUNTS ARE REPORTED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS. X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 MICHEL PRADA 192464 0 0 0 0 0 0 0 0 0 192464 0 0 0 HANS HOOGERVORST 765326 0 0 0 0 0 0 0 0 0 765326 0 0 0 YAEL ALMOG 229636 0 0 0 0 0 0 0 22964 0 252600 0 0 0 MIRANDA CORTI 279628 0 0 0 0 0 0 0 27963 0 307591 0 0 0 IAN MACKINTOSH 749308 0 0 0 0 0 0 0 0 0 749308 0 0 0 ZHANG WEI-GUO 677606 0 0 0 0 0 0 0 0 0 677606 0 0 0 PAUL PACTER 690790 0 0 0 0 0 0 0 0 0 690790 0 0 0 PATRICK FINNEGAN 745289 0 0 0 0 0 0 0 0 0 745289 0 0 0 PATRICIA MCCONNELL 749289 0 0 0 0 0 0 0 0 0 749289 0 0 0 PRABHAKAR KALAVACHERLA 744581 0 0 0 0 0 0 0 0 0 744581 0 0 0 MARVIN CHEUNG 17098 0 0 0 0 0 0 0 0 0 17098 0 0 0 SAMUEL A DIPIAZZA JR 25262 0 0 0 0 0 0 0 0 0 25262 0 0 0 ZHONGLI LIU 15584 0 0 0 0 0 0 0 0 0 15584 0 0 0 T V MOHANDAS PAI 20127 0 0 0 0 0 0 0 0 0 20127 0 0 0 PART I, LINE 1A SOME IASB BOARD MEMBERS AND TRUSTEES WERE ALLOWED FIRST CLASS FLIGHTS SUBJECT TO INDIVIDUAL APPROVAL BY THE IASB CHAIR, WHERE FLIGHTS WERE GREATER THAN 12 HOURS. HOWEVER, IN NOVEMBER, A NEW STAFF EXPENSE POLICY WAS BROUGHT IN, WHICH RESTRICTS BOARD MEMBERS AND ALL STAFF TO BUSINESS AND ECONOMY CLASS FLIGHTS. A SIMILAR CHANGE WAS MADE TO THE TRUSTEE EXPENSE POLICY SO NOW FIRST CLASS FLIGHTS ARE NOT ALLOWED UNDER THE POLICY. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS ARE UK PAYE SETTLEMENT AGREEMENTS WHERE THE FOUNDATION PAYS THE PAYROLL TAXES RATHER THAN REPORT A TAXABLE BENEFIT TO THE EMPLOYEE. DESCRIPTION OF THE ORGANIZATION'S MISSION OR MOST SIGNIFICANT ACTIVITIES: FORM 990, PART I, LINE 1 THE INTERNATIONAL FINANCIAL REPORTING STANDARDS 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 AND ITS TECHNICAL ACTIVITIES, AND; 2) CONTENT SERVICES, EDUCATION AND RELATED ACTIVITIES. THE OBJECTIVES OF THE IFRS FOUNDATION ARE: (A) TO DEVELOP A SINGLE SET OF HIGH QUALITY, UNDERSTANDABLE, ENFORCEABLE AND GLOBALLY ACCEPTED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSS) THROUGH ITS STANDARD-SETTING BODY, THE 'INTERNATIONAL ACCOUNTING STANDARDS BOARD' (THE IASB); (B) TO PROMOTE THE USE AND RIGOROUS APPLICATION OF THOSE STANDARDS; (C) TO TAKE ACCOUNT OF THE FINANCIAL REPORTING NEEDS OF EMERGING ECONOMIES AND SMALL AND MEDIUM-SIZED ENTITIES (SMES); AND (D) TO PROMOTE AND FACILITATE ADOPTION OF IFRSS, BEING THE STANDARDS AND INTERPRETATIONS ISSUED BY THE IASB, THROUGH THE CONVERGENCE OF NATIONAL ACCOUNTING STANDARDS AND IFRSS. PROGRAM SERVICE STATEMENT FORM 990, PART III, LINE 4A IN FULFILLING ITS STANDARD-SETTING DUTIES, THE IASB FOLLOWS A THOROUGH, OPEN AND TRANSPARENT DUE PROCESS OF WHICH THE PUBLICATION OF CONSULTATIVE DOCUMENTS, SUCH AS DISCUSSION PAPERS AND EXPOSURE DRAFTS, FOR PUBLIC COMMENT IS AN IMPORTANT COMPONENT. THE IASB ENGAGES CLOSELY WITH STAKEHOLDERS AROUND THE WORLD, INCLUDING INVESTORS, ANALYSTS, REGULATORS, BUSINESS LEADERS, ACCOUNTING STANDARD-SETTERS, AND THE ACCOUNTANCY PROFESSION. THE IFRS FOUNDATION ACHIEVED A GREAT DEAL IN 2012. IN TERMS OF ACHIEVEMENT, COMPANIES IN MORE THAN 100 COUNTRIES ARE NOW REQUIRED OR PERMITTED TO USE IFRSS; MORE THAN TWO THIRDS OF G20 MEMBERS NOW REQUIRE THE USE OF IFRSS AND ALMOST HALF OF FORTUNE GLOBAL 500 COMPANIES REPORT USING IFRSS. IN FEBRUARY 2012, THE TRUSTEES OF THE FOUNDATION COMPLETED THE FOUNDATION'S STRATEGY REVIEW AND PUBLISHED THEIR REPORT IN WHICH THEY SET OUT A SERIES OF RECOMMENDATIONS FOR THE ORGANISATIONS SECOND DECADE. THESE RECOMMENDATIONS ADDRESSED FOUR AREAS: 1) THE IFRS FOUNDATION'S MISSION SPECIFICALLY THE PUBLIC INTEREST SERVED BY THE FOUNDATION'S WORK; 2) GOVERNANCE; 3) THE PROCESS AND PROCEDURES USED BY THE FOUNDATION AND THE IASB; AND 4) THE ORGANISATIONS FUNDING. FOUNDATION STAFF ARE NOW WORKING ON BRINGING ABOUT THE RECOMMENDATIONS ISSUED AS PART OF THIS REVIEW, MOST OF WHICH HAVE BEEN COMPLETED. ON 15 NOVEMBER 2012, THE IFRS FOUNDATION OPENED ITS FIRST INTERNATIONAL OFFICE. THE OFFICE, BASED IN TOKYO, WILL PROVIDE A LOCAL PRESENCE IN THE ASIA-OCEANIA REGION, SUPPORTING GREATER REGIONAL OUTREACH AND PARTICIPATION IN STANDARD-SETTING ACTIVITIES. THE OFFICE WILL PROVIDE SUPPORT TO THE ENTIRE ASIA-OCEANIA REGION WITH MATTERS RELATED TO THE DEVELOPMENT, ADOPTION AND CONSISTENT APPLICATION OF IFRSS. THE OFFICE IS ALSO EXPECTED TO DEVELOP INTO AN IMPORTANT REGIONAL RESEARCH HUB. FROM A FINANCIAL PERSPECTIVE IN 2012 THE FOUNDATION REPORTED AN OPERATING SURPLUS IN ITS FINANCIAL STATEMENTS. THIS WAS PRIMARILY DUE TO A DECREASE IN OPERATING EXPENSES COMPARED TO THE BUDGET SET BY TRUSTEES. SAVINGS WERE PRIMARILY FROM STAFF RELATED COSTS (SALARIES AND TRAVEL). IN 2013, THE TRUSTEES HAVE PUT IN PLACE A BALANCED BUDGET. ADDITIONAL FUNDING IS EXPECTED IN THE YEAR AHEAD, PRIMARILY THROUGH INCREASES IN CONTRIBUTIONS BOTH FROM EXISTING CONTRIBUTORS AND FROM EFFORTS TO INCREASE THE NUMBER OF CONTRIBUTING COUNTRIES. TRUSTEES CONTINUE TO PROGRESS THE FUNDING RECOMMENDATIONS OF THE STRATEGIC REVIEW. EFFORTS TO ENHANCE FUNDING WILL ENSURE THAT THE PROJECTED TARGETS OF THE IASB WORK PLAN AND RANGE OF SERVICES PROVIDED WILL BE MAINTAINED. EFFORTS WILL CONTINUE TO BOLSTER THE FOUNDATION'S FINANCIAL STABILITY BY BUILDING ITS RESERVES. IN DECEMBER 2012, THE IASB CONCLUDED ITS FAR-REACHING PUBLIC CONSULTATION ON ITS FUTURE AGENDA BY RELEASING A FEEDBACK STATEMENT THAT MAPS OUT ITS FUTURE PRIORITIES. FOR MORE INFORMATION ON THE DEVELOPMENT AND PROGRESS OF IFRS'S, OR THE IASB WORK PLAN, TIME TABLE AND PROJECTS AT VARIOUS STAGES OF COMPLETION, PLEASE SEE THE "STANDARDS DEVELOPMENT" SECTION OF THE FOUNDATION'S WEBSITE WWW.IFRS.ORG. FORM 990, PART VI, SECTION B, LINE 11 THE DATA FOR EACH SECTION OF THE 990 IS COMPLETED BY A QUALIFIED EMPLOYEE OR FINANCIAL EXECUTIVE. THE FINANCE MANAGER REVIEWS AND ENTERS ALL DATA. THE COMPLETED FORM AND SUPPORTING DOCUMENTATION ARE REVIEWED BY SENIOR MANAGEMENT. EXTERNAL TAX PROFESSIONALS PROVIDE TECHNICAL ADVICE FOR COMPLIANCE AND ACCURACY AND ALSO PROVIDE ELECTRONIC FILING SERVICES. THE COMPLETED 990 IS SENT 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 IASB 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 SURVEYS ARE REVIEWED BY THE SECRETARY OF THE TRUSTEES. THE POLICY ALSO REQUIRES TRUSTEES, IASB TECHNICAL 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 THAT REQUIRED ACTION. THE SECRETARY OF THE TRUSTEES MAINTAINS THE REGISTER OF INTERESTS WHERE ANY RECORDS OF INTERESTS ARE RECORDED. 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 WHO 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 CONSUMER PRICE INDEX AND INFLATION TABLES, TOGETHER WITH TRENDS IN SIMILAR ORGANISATIONS. 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 AND A MODERATION PROCESS. 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. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC THROUGH ITS WEBSITE, WWW.IFRS.ORG. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: FAIR VALUE ADJUSTMENT 880,879. EXCHANGE DIFFERENCES ON TRANSLATION 717,202. ROUNDING -1. OVERSIGHT OF AUDIT: 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. NUMBER OF EMPLOYEES: FORM 990, PART I, LINE 5 AND PART V, LINE 2A THE FOUNDATION HAD 127 EMPLOYEES. 1 EMPLOYEE IS U.S. BASED, AND THE REMAINING 126 ARE NON-U.S. BASED AND REPORTED ON SCHEDULE F, PART 1. OF THE 5 EMPLOYEES RECEIVING W-2S REPORTED ON PARTS I AND IV OF FORM 990, ONLY 1 IS US BASED.