2011-08-03T08:51:20-05:00 2010-12-31 BDO USA LLP 7101 WISCONSIN AVE SUITE 800 BETHESDA MD 208144827 990 2010-01-01 134164140 INTERNATIONAL FINANCIAL REPORTING STANDARDS FOUNDATION INTE 2072466410 FIRST FLOOR 30 CANNON ST LONDON UK EC4M 6XH THOMAS SEIDENSTEIN 2072466410 2011-08-03 1 JOYCE M UNDERWOOD 3016544900 2010 2016-02-24 21:20:13Z THOMAS SEIDENSTEIN FIRST FLOOR 30 CANNON ST LONDON UK EC4M 6XH 35207927 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 6 2 0 0 25637399 25661342 6288670 6060952 590027 418886 2962909 3066747 35479005 35207927 0 0 0 0 24333111 26088243 0 0 479240 14783534 12246225 39116645 38334468 -3637640 -3126541 22848283 18795480 7135557 6729505 15712726 12065975 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 29722793 89865 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.THE YEAR 2010 MARKED THE END OF A REMARKABLE FIRST DECADE OF THE IFRS FOUNDATION'S EXISTENCE. DURING THE PAST DECADE IFRSS HAVE TRULY BECOME THE GLOBAL INTERNATIONAL FINANCIAL REPORTING LANGUAGE WITH THE ENDORSEMENT OF THE GROUP OF TWENTY FINANCE MINISTERS (G20). IT WAS THE FIRST YEAR DURING WHICH SOME INTERNATIONAL JAPANESE COMPANIES COULD SUBMIT THEIR FINANCIAL STATEMENTS USING IFRSS. JAPAN IS EXPECTED TO MAKE AN ANNOUNCEMENT ABOUT THE MANDATORY ADOPTION OF IFRSS IN 2012. MOREOVER, SINCE JANUARY 2011 IFRSS ARE REQUIRED FOR LISTED COMPANIES IN CANADA AND KOREA WHILE ARGENTINA AND MEXICO WILL REQUIRE IFRSS BEGINNING FROM 2012. ANOTHER GREAT SUCCESS IN 2010 WAS THE IFRS FOR SMES. SINCE ITS PUBLICATION IN JULY 2009 OVER 70 JURISDICTIONS HAVE EITHER ADOPTED THE STANDARD OR HAVE PUBLICLY ANNOUNCED A PLAN TO DO SO. IN 2010 AND THE BEGINNING OF 2011, THE IASB ALSO COMPLETED SUBSTANTIAL PARTS OF ITS RESPONSE TO THE FINANCIAL CRISIS IN LINE WITH THE RECOMMENDATIONS OF THE G20. THE IASB PUBLISHED IN OCTOBER 2010 IFRS 9 FINANCIAL INSTRUMENTS. THE STANDARD CONSIDERABLY ENHANCES AND SIMPLIFIES THE CLASSIFICATION AND MEASUREMENT FOR FINANCIAL INSTRUMENTS AND, JOINTLY WITH THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB), THE US NATIONAL STANDARD-SETTER, THE IASB ALSO ISSUED A COMMON STANDARD THAT DEFINES FAIR VALUE PROVIDING FOR THE FIRST TIME, COMPREHENSIVE GUIDANCE ON ITS MEASUREMENT IN ONE STANDARD. THE IASB HAS ALSO COMPLETED THE PROJECT ON PROVIDING A FRAMEWORK GUIDANCE DOCUMENT FOR THE MANAGEMENT COMMENTARY OF FINANCIAL STATEMENTS. THE IFRS PRACTICE STATEMENT: MANAGEMENT COMMENTARY - A FRAMEWORK FOR PRESENTATION, WAS PUBLISHED IN DECEMBER 2010.THE IASB CONTINUED IN 2010 TO ENHANCE ITS STAKEHOLDER ENGAGEMENT WITH A NUMBER OF ACTIVITIES INCLUDING THE INTRODUCTION OF DEDICATED OUTREACH MANAGERS FOR EACH PROJECT AND THE LAUNCH OF AN INVESTOR SPECIFIC LIAISON PROGRAM. AS A RESULT, OVER 90,000 PEOPLE HAVE REGISTERED FOR OUR PROJECT-BASED EMAIL ALERTS AND MORE THAN 50,000 INVESTORS HAVE REGISTERED TO THE NEWLY CREATED INVESTOR SECTION ON THE WEBSITE. 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. 5018572 8972388 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. 34741365 1 1 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 7 0 1 6 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 MS 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 2072460566 FIRST FLOOR 30 CANNON ST LONDON UK EC4M 6XH GERRIT ZALM 3.00 X 115950 0 0 HARVEY GOLDSCHMID 3.00 X 14232 0 0 MARVIN CHEUNG 3.00 X 34785 0 0 SAMUEL DIPIAZZA 8.00 X 36321 0 0 OSCAR FANJUL 3.00 X 36331 0 0 TSUGUOKI FUJINUMA 3.00 X 37877 0 0 ROBERT GLAUBER 8.00 X 31685 0 0 JEFFREY LUCY 8.00 X 39423 0 0 PEDRO MALAN 3.00 X 28601 0 0 BRYAN NICHOLSON 8.00 X 47153 0 0 MOHANDAS PAI 3.00 X 27055 0 0 DAVID SIDWELL 8.00 X 42504 0 0 LUIGI SPAVENTA 8.00 X 36396 0 0 PAUL TELLIER 3.00 X 39423 0 0 JEFF VAN ROOYEN 3.00 X 33239 0 0 ANTONIO VEGEZZI 8.00 X 39423 0 0 LIU ZHONGLI 3.00 X 33239 0 0 CLEMENS BOERSIG 3.00 X 31693 0 0 SCOTT EVANS 3.00 X 31693 0 0 NORIAKI SHIMAZAKI 3.00 X 31693 0 0 YVES-THIBAULT DESILGUY 3.00 X 18874 0 0 DAVID TWEEDIE 40.00 X 798099 0 0 THOMAS SEIDENSTEIN 40.00 X 457067 0 42615 ALAN TEIXEIRA 40.00 X 303692 0 28823 PETER CLARK 40.00 X 292097 0 28823 SUE LLOYD 40.00 X 201238 0 18810 MIRANDA CORTI 40.00 X 250755 0 23761 KEN CREIGHTON 40.00 X 171374 0 17137 AMARO GOMES 40.00 X 632361 0 0 PATRICK FINNEGAN 40.00 X 699861 0 0 JOHN T SMITH 40.00 X 687775 0 0 STEPHEN COOPER 40.00 X 631542 0 0 PATRICIA MCCONNELL 40.00 X 705977 0 0 BERTRAND COLLOMB X 19003 0 0 PHILIP LASKAWY X 14361 0 0 THOMAS JONES X 116220 0 0 6769012 0 159969 58 1 1 0 SPENCER STUART 16 CONNAUGHT PLACE LONDON UK W2 2ED RECRUITMENT SERVICES 328217 ADVANCED 365 MUNRO HOUSE PORTSMOUTH RD COBHAM UK IT SERVICES 214118 SHEPPARD MULLIN 333 S HOPE ST LOS ANGELES CA 900711448 LEGAL SERVICES 190370 BRUNSWICK 16 LINCONS INN FIELDS LONDON UK WC2A 3ED PUBLIC RELATIONS 146311 TELECITY REDBUS UK LTD 6 HARBOUR EXCHANGE SQUARE LONDON UK IT SERVICES 135500 7 25661342 25661342 PUBLICATIONS & RELATED 900099 5595625 5595625 CONFERENCES 900099 465327 465327 6060952 418886 418886 2911436 2911436 HONORARIA 900099 89865 89865 EXCHANGE GAINS 900099 65446 65446 155311 35207927 9062253 0 484332 3577277 1814123 1497247 265907 19035503 18353982 588143 93378 1212882 1064009 126994 21879 345953 303489 36223 6241 1916628 1681375 200679 34574 272396 228933 43463 81957 81957 25675 25675 277124 277124 490832 437767 45266 7799 832590 742578 76783 13229 1994550 1778918 183941 31691 2524415 2524415 2328112 2328112 285889 254982 26365 4542 136578 136578 PUB PRINT/DISTRIBUTION 1503846 1503846 REALIZED EXCHANGE LOSS 987946 987946 STAFF RECRUITMENT 483061 438512 44549 TAXATION (UK) 21254 21254 38334468 34741365 3113863 479240 1568441 3695378 3473840 1724856 1801275 1469637 1462349 221986 458089 916239 915091 3398614 2554261 957371 844353 12245171 9365265 270742 253680 22848283 18795480 5750517 5709978 1385040 1019527 7135557 6729505 X 0 0 0 0 15712726 12065975 15712726 12065975 22848283 18795480 X -3126541 -520210 X X 0 1 1 X 0 X 19035167 22439650 23857023 25637399 25661342 116630581 19035167 22439650 23857023 25637399 25661342 116630581 41548130 75082451 1045403 2067500 1043271 3158156 3330322 10644652 44921 121906 265119 394780 155311 982037 128257270 41770018 0.58540 0.60770 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: HONORARIA EXCHANGE GAINS RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1609973 1216137 393836 1788641 1338124 450517 844353 35207927 38334468 -3126541 3341 -523551 -520210 -3646751 35728137 -3341 523551 520210 35207927 0 35207927 38334468 0 38334468 0 38334468 PART XI, LINE 8 - OTHER ADJUSTMENTS: FAIR VALUE ADJUSTMENT -5,324. EXCHANGE GAINS -518,227. PART XII, LINE 2D - OTHER ADJUSTMENTS: FAIR VALUE ADJUSTMENT 5,324. EXCHANGE GAINS 518,227. EUROPE 1 119 ALL SEE SCHEDULE O REFERENCES TO FORM 990, PART III DESCRIPTIONS. 38334468 EUROPE INVESTMENTS - BONDS 9366000 119 0 119 47700468 0 47700468 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. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DAVID TWEEDIE 798099 0 0 0 0 0 0 0 0 0 798099 0 0 0 THOMAS SEIDENSTEIN 426147 0 30920 0 0 0 0 0 42615 0 499682 0 0 0 ALAN TEIXEIRA 288232 0 15460 0 0 0 0 0 28823 0 332515 0 0 0 PETER CLARK 288232 0 3865 0 0 0 0 0 28823 0 320920 0 0 0 SUE LLOYD 188097 0 13141 0 0 0 0 0 18810 0 220048 0 0 0 MIRANDA CORTI 237614 0 13141 0 0 0 0 0 23761 0 274516 0 0 0 KEN CREIGHTON 171374 0 0 0 0 0 0 0 17137 0 188511 0 0 0 AMARO GOMES 632361 0 0 0 0 0 0 0 0 0 632361 0 0 0 PATRICK FINNEGAN 699861 0 0 0 0 0 0 0 0 0 699861 0 0 0 JOHN T SMITH 687775 0 0 0 0 0 0 0 0 0 687775 0 0 0 STEPHEN COOPER 631542 0 0 0 0 0 0 0 0 0 631542 0 0 0 PATRICIA MCCONNELL 705977 0 0 0 0 0 0 0 0 0 705977 0 0 0 BERTRAND COLLOMB 19003 0 0 0 0 0 0 0 0 0 19003 0 0 0 PHILIP LASKAWY 14361 0 0 0 0 0 0 0 0 0 14361 0 0 0 THOMAS JONES 116220 0 0 0 0 0 0 0 0 0 116220 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. 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. IN REGARDS TO INTERESTS AND ACTIVITIES, IASB TECHNICAL MEMBERS AND STAFF DIRECTORS ARE REQUIRED TO COMPLETE AN ANNUAL SURVEY. THE SURVEYS ARE REVIEWED BY THE ASSISTANT COMPANY SECRETARY. ANY POTENTIAL CONFLICTS OF INTEREST ARE REFERRED TO THE EXECUTIVE COMMITTEE CONSISTING OF TRUSTEES. 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: 3,341. FAIR VALUE ADJUSTMENT -5,324. EXCHANGE GAINS -518,227. TOTAL TO FORM 990, PART XI, LINE 5: -520,210. 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 119 EMPLOYEES OF WHICH 6 WERE REPORTED ON US FORM W-2 AND THE REMAINING 113 ARE NON-US BASED AND REPORTED ON SCHEDULE F, PART 1.