2012-08-13T10:15:31-05:00 2011-12-31 135381590 BDO USA LLP 7101 WISCONSIN AVE SUITE 800 BETHESDA MD 208144827 990 2011-01-01 134164140 INTERNATIONAL FINANCIAL REPORTING STANDARDS FOUNDATION INTE 2072466410 FIRST FLOOR 30 CANNON ST LONDON UK EC4M 6XH MIRANDA CORTI 2072466410 2012-08-13 1 JOYCE M UNDERWOOD P00022361 3016544900 2011 2016-02-24 21:20:13Z HANS HOOGERVORST FIRST FLOOR 30 CANNON ST LONDON UK EC4M 6XH 41973585 0 X WWW.IFRS.ORG X 2001 DE 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 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 BRING ABOUT CONVERGENCE OF NATIONAL ACCOUNTING STANDARDS AND IFRSS TO HIGH QUALITY SOLUTIONS. 20 20 5 5 0 0 25661342 33058306 6060952 5678986 418886 307500 3066747 2928793 35207927 41973585 0 0 0 0 26088243 29286718 0 0 478421 12246225 11907532 38334468 41194250 -3126541 779335 18795480 24496657 6729505 11532250 12065975 12964407 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 32095558 59395 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 15 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. 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. AS AN ORGANISATION, THE IFRS FOUNDATION, AND WITH IT, THE IASB, HAS MATURED INTO A TRULY INTERNATIONAL ORGANISATION WITH WORLD-CLASS LEVELS OF TRANSPARENCY AND PUBLIC CONSULTATION. FOR EXAMPLE, AT THE LAST COUNT THE 59 TECHNICAL STAFF AND 15 MEMBERS OF THE IASB CAME FROM 30 DIFFERENT COUNTRIES.IN TERMS OF ACHIEVEMENT, COMPANIES IN MORE THAN 100 COUNTRIES ARE NOW REQUIRED OR PERMITTED TO USE IFRSS. IN THE LAST TWO YEARS ALONE BRAZIL, CANADA, KOREA, MEXICO AND RUSSIA ALL ADOPTED IRFSS, WITH ALMOST HALF OF FORTUNE GLOBAL 500 COMPANIES NOW COMPLYING WITH IFRSS.THE IFRS FOUNDATION ACHIEVED A GREAT DEAL IN 2011. THE TRUSTEES HAD IDENTIFIED THREE MAIN OBJECTIVES:1. TO ENSURE A SMOOTH TRANSITION IN THE LEADERSHIP OF THE ORGANISATION.2. TO COMPLETE THE COMPREHENSIVE REVIEW OF THE STRATEGY OF THE ORGANISATION.3. FOR THE TRUSTEES' DUE PROCESS OVERSIGHT COMMITTEE (DPOC) TO PLAY A MORE VISIBLE ROLE IN THE OVERSIGHT OF THE IASB'S DUE PROCESS.EACH OF THESE OBJECTIVES HAS NOW BEEN MET:1. AT THE BEGINNING OF THE YEAR THERE WAS THE VACANCY OF THE TRUSTEE CHAIRMAN AND THE IMPENDING RETIREMENT OF THE IASB CHAIRMAN. BOTH POSITIONS HAVE BEEN FILLED.2. DURING 2011, THE TRUSTEES UNDERTOOK A SUBSTANTIAL REVIEW OF THEIR FUTURE STRATEGY, WORKING IN CLOSE CO-OPERATION WITH THE MONITORING BOARD AS IT COMPLETED ITS OWN REVIEW OF GOVERNANCE ARRANGEMENTS. THE CONCLUSIONS OF BOTH REVIEWS WERE PUBLISHED JOINTLY IN FEBRUARY 2012.3. THE DPOC HAS CONTINUED TO DEEPEN ITS OVERSIGHT AND INTERACTION WITH THE IASB THROUGHOUT THE LIFE CYCLE OF THE STANDARD-SETTING PROCESS.ATTENTION NOW TURNS TO PRIORITIES FOR THE COMING YEAR. THESE PRIORITIES FALL NATURALLY OUT OF THE RECOMMENDATIONS FROM THE GOVERNANCE AND STRATEGY REVIEWS AND FOLLOW THREE BROAD THEMES:1. FURTHER ENHANCEMENTS TO TRANSPARENCY AND CLEARER SEPARATION OF STANDARD-SETTING AND GOVERNANCE ACTIVITIES.2. GREATER EMPHASIS ON GLOBAL ADOPTION THROUGH THE CONSISTENT APPLICATION OF THE STANDARDS.3. MORE FORMALISED INTERACTION WITH INTERNATIONAL, REGIONAL AND NATIONAL AUTHORITIES WITH AN INTEREST IN ACCOUNTING STANDARDS.THE YEAR 2011 CONTAINED MANY FINANCIAL AND OPERATIONAL CHALLENGES. THE TRUSTEES WERE DETERMINED TO RETURN THE FOUNDATION TO A BALANCED BUDGET WHILE MEETING THE INCREASING DEMANDS TO FULFIL ITS MISSION. A SMALL OPERATING SURPLUS WAS ACHIEVED, PRIMARILY FROM ACHIEVING FUNDING GOALS THROUGH THE CONTINUED SUPPORT OF MANY CONTRIBUTORS. IN 2012 THE TRUSTEES PLAN TO MAINTAIN A BALANCED BUDGET.PROGRESS TOWARDS GLOBAL ACCOUNTING STANDARDS REFLECTS THE DESIRE TO HAVE A COMMONLY ACCEPTED REPORTING FRAMEWORK IN A WORLD OF INTEGRATED GLOBAL CAPITAL MARKETS. THE FINANCIAL CRISIS HAS INCREASED THE URGENCY OF THIS WORK. THE TRUSTEES' STRATEGY REVIEW AND THE MONITORING BOARD'S GOVERNANCE REVIEW DESCRIBE THE STEPS TO ALLOW IFRSS TO BECOME GLOBAL STANDARDS AND FOR THE IASB TO BECOME THE GLOBAL ACCOUNTING STANDARD-SETTER.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 OUR WEBSITE WWW.IFRS.ORG. 5300114 8807878 CONTENT SERVICES, EDUCATION AND RELATED ACTIVITIES - AS AN ORGANIZATION RESPONSIBLE FOR SETTING AND PROMULGATING ACCOUNTING STANDARDS FOR THE PUBLIC INTEREST, THE IFRS FOUNDATION PRODUCES ELECTRONIC AND PRINTED PRODUCTS. THESE PRODUCTS CONTAIN THE CONTENT ISSUED BY THE IASB, AS WELL AS TRANSLATIONS, EDUCATIONAL MATERIAL AND XBRL MATERIALS. THE CONTENT SERVICES TEAM PROVIDES A DIVERSITY OF OFFERINGS TO FACILITATE IFRS USE AND ADOPTION. INDIVIDUALS CAN PURCHASE BOOKS OR ELECTRONIC PRODUCTS SUCH AS A SUBSCRIPTION TO THE 'E' IFRS PRODUCT. A RANGE OF REVENUES RECOVERED OFFSETS DIRECT COSTS AND A PORTION OF THE COSTS OF THE STANDARD SETTING PROCESS DESCRIBED IN PART III, 4A. CONTENT SERVICES' NET CONTRIBUTION TO THESE ACTIVITIES AMOUNTED TO APPROXIMATELY 11% OF EXPENSES. 37395672 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 0 1 4 0 1 5 1 0 1 UK SZ 0 0 0 0 0 0 0 0 X 20 20 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 HARVEY GOLDSHMID 3.00 X 35033 0 0 MARVIN CHEUNG 3.00 X 27914 0 0 NORIAKI SHIMAZAKI 3.00 X 31104 0 0 SAMUEL DIPIAZZA 5.00 X 43181 0 0 TSUGUOKI FUJINUMA 5.00 X 39080 0 0 ROBERT GLAUBER 8.00 X 46440 0 0 DICK SLUIMERS 3.00 X 8241 0 0 JEFFREY LUCY 5.00 X 47055 0 0 PEDRO MALAN 3.00 X 29509 0 0 BRYAN NICHOLSON 8.00 X 47055 0 0 MOHANDAS PAI 3.00 X 31104 0 0 DAVID SIDWELL 8.00 X 44810 0 0 DUCK-KOO CHUNG 3.00 X 13093 0 0 PAUL TELLIER 3.00 X 37485 0 0 JEFF VAN ROOYEN 3.00 X 29509 0 0 ANTONIO ZOIDO MARTINEZ 3.00 X 4918 0 0 CLEMENS BOERSIG 5.00 X 34295 0 0 SCOTT EVANS 3.00 X 31104 0 0 LIU ZHONGLI 3.00 X 29509 0 0 YVES-THIBALT DESILGUY 3.00 X 40675 0 0 DAVID TWEEDIE 40.00 X 525780 0 0 THOMAS SEIDENSTEIN 40.00 X 486317 0 48632 HANS HOOGERVORST 40.00 X 561616 0 0 MIRANDA CORTI 40.00 X 270369 0 25920 IAN MACKINTOSH 40.00 X 619010 0 0 ALAN TEIXEIRA 40.00 X 334173 0 33417 PETER CLARK 40.00 X 314235 0 31424 SUE LLOYD 40.00 X 334173 0 33417 WAYNE UPTON 40.00 X 435982 0 43598 MARK BYATT 40.00 X 246044 0 23488 PATRICK FINNEGAN 40.00 X 737459 0 0 WEI-GUO ZHANG 40.00 X 661397 0 0 JOHN SMITH 40.00 X 737459 0 0 PATRICIA MCCONNELL 40.00 X 737459 0 0 PRABHAKAR KALAVACHERLA 40.00 X 719880 0 0 TOMMASO PADOA-SCHIOPPA 8.00 X 142466 0 0 OSCAR FANJUL 3.00 X 21202 0 0 ANTONIO VEGEZZI 8.00 X 24392 0 0 8560527 0 239896 55 1 1 0 ON24 PO BOX 673862 DETROIT MI 482673862 IT SERVICES 382645 ADVANCED 365 MUNRO HOUSE PORTSMOUTH RD COBHAM SURRY UK IT SERVICES 175580 SHEPPARD MULLIN 333 S HOPE ST LOS ANGELES CA 900711448 LEGAL SERVICES 163649 TELECITY REDBUS UK LTD 6 HARBOUR EXCHANGE SQUARE LONDON UK IT SERVICES 157950 PRICEWATERHOUSE COOPERS LLP 161 MARSH WALL LONDON UK PROFESSIONAL FEES 154840 7 33058306 33058306 PUBLICATIONS & RELATED 900099 5311545 5311545 CONFERENCES 900099 367441 367441 5678986 307500 307500 3128892 3128892 HONORARIA 900099 59395 59395 NET EXCHANGE LOSSES 900099 -259494 -259494 -200099 41973585 8867273 0 48006 4932999 2905268 1766687 261044 20263328 19719117 446244 97967 1143963 1014585 111318 18060 481209 426786 46826 7597 2465219 2186412 239889 38918 245761 205837 39924 116008 116008 23597 23597 126381 126381 473758 425399 41609 6750 964801 866318 84736 13747 2074941 1863139 182237 29565 1763315 1763315 2529062 2529062 334999 300804 29422 4773 132668 132668 PUB PRINT/DISTRIBUTION 1543544 1543544 TAXATION (UK) 733746 733746 STAFF RECRUITMENT 671674 612682 58992 REALIZED EXCHANGE LOSS 173277 173277 41194250 37395672 3320157 478421 3695378 9189162 1591632 1801275 2784998 1462349 1483424 458089 383798 915091 873163 3265177 2466342 844353 798835 9365265 7166578 253680 225067 18795480 24496657 5709978 5802607 1019527 5729643 6729505 11532250 X 0 0 0 0 12065975 12964407 12065975 12964407 18795480 24496657 X 779335 119097 X X 0 1 1 X 0 X 22439650 23857023 25637399 25661342 33058306 130653720 22439650 23857023 25637399 25661342 33058306 130653720 48047310 82606410 2067500 1043271 3158156 3330322 3436392 13035641 121906 265119 394780 155311 -200099 737017 144426378 38155525 0.57200 0.58540 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: HONORARIA $ 59,395 EXCHANGE LOSSES -259,494 TOTAL $-200,099 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1654040 1253012 401028 1611137 1213330 397807 798835 41973585 41194250 779335 71218 47879 119097 898432 42092682 71218 47879 119097 41973585 0 41973585 41194250 0 41194250 0 41194250 PART XI, LINE 8 - OTHER ADJUSTMENTS: FAIR VALUE ADJUSTMENT 277,874. EXCHANGE DIFFERENCES ON TRANSLATION -229,995. TOTAL TO SCHEDULE D, PART XI, LINE 8: 47,879. PART XII, LINE 2D - OTHER ADJUSTMENTS: FAIR VALUE ADJUSTMENT 277,874. EXCHANGE DIFFERENCES ON TRANSLATION -229,995. EUROPE 1 125 ALL SEE SCHEDULE O REFERENCES TO FORM 990, PART III DESCRIPTIONS. 48361250 1 125 0 0 1 125 48361250 0 48361250 0 0 0 0 0 0 METHOD USED TO ACCCOUNT FOR EXPENDITURES: SCHEDULE F, PART I, LINE 3: FINANCIAL ACCOUNTS ARE REPORTED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS. TOTAL EXPENDITURES FOR AND INVESTMENTS IN REGION SCHEDULE F, PART I, LINE 3 INCLUDES: EXPENDITURES $41,194,250 INVESTMENTS 7,167,000 X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DAVID TWEEDIE 525780 0 0 0 0 0 0 0 0 0 525780 0 0 0 THOMAS SEIDENSTEIN 486317 0 0 0 0 0 0 0 48632 0 534949 0 0 0 HANS HOOGERVORST 561616 0 0 0 0 0 0 0 0 0 561616 0 0 0 MIRANDA CORTI 259203 0 11166 0 0 0 0 0 25920 0 296289 0 0 0 IAN MACKINTOSH 619010 0 0 0 0 0 0 0 0 0 619010 0 0 0 ALAN TEIXEIRA 334173 0 0 0 0 0 0 0 33417 0 367590 0 0 0 PETER CLARK 314235 0 0 0 0 0 0 0 31424 0 345659 0 0 0 SUE LLOYD 334173 0 0 0 0 0 0 0 33417 0 367590 0 0 0 WAYNE UPTON 435982 0 0 0 0 0 0 0 43598 0 479580 0 0 0 MARK BYATT 234878 0 11166 0 0 0 0 0 23488 0 269532 0 0 0 PATRICK FINNEGAN 737459 0 0 0 0 0 0 0 0 0 737459 0 0 0 WEI-GUO ZHANG 661397 0 0 0 0 0 0 0 0 0 661397 0 0 0 JOHN SMITH 737459 0 0 0 0 0 0 0 0 0 737459 0 0 0 PATRICIA MCCONNELL 737459 0 0 0 0 0 0 0 0 0 737459 0 0 0 PRABHAKAR KALAVACHERLA 719880 0 0 0 0 0 0 0 0 0 719880 0 0 0 TOMMASO PADOA-SCHIOPPA 142466 0 0 0 0 0 0 0 0 0 142466 0 0 0 OSCAR FANJUL 21202 0 0 0 0 0 0 0 0 0 21202 0 0 0 ANTONIO VEGEZZI 24392 0 0 0 0 0 0 0 0 0 24392 0 0 0 PART I, LINE 1A SOME BOARD MEMBERS ARE ALLOWED FIRST CLASS FLIGHTS IF THE DURATION IS OVER 12 HOURS AND OVER NIGHT. THIS IS SUBJECT TO INDIVIDUAL APPROVAL BY THE IASB CHAIR. 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. 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 ADVISORS 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 AN ANNUAL SURVEY AND THE SURVEYS ARE REVIEWED BY THE ASSISTANT COMPANY SECRETARY. 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. 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. THESE TRUSTEES HAVE 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. REMUNERATION INCREASES ARE ALSO BENCHMARKED AGAINST SIMILAR INSTITUTIONS. 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 5: NET UNREALIZED GAINS ON INVESTMENTS: 71,218. FAIR VALUE ADJUSTMENT 277,874. EXCHANGE DIFFERENCES ON TRANSLATION -229,995. TOTAL TO FORM 990, PART XI, LINE 5: 119,097. 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 125 EMPLOYEES, OF WHICH 5 WERE REPORTED ON U.S. FORM W-2. 1 EMPLOYEE IS U.S. BASED AND THE REMAINING 124 ARE NON-U.S. BASED. ALL ARE REPORTED ON SCHEDULE F, PART 1.