Overview
What is International Financial Reporting Standards Foundation?
The International Financial Reporting Standards Foundation is an international, not-for-profit organization based in San Francisco, California, established to develop high-quality, understandable, enforceable, and globally accepted accounting and sustainability disclosure standards (IFRS Standards). It has a three-tier governance structure, consisting of two independent standard-setting boards of experts - the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) - governed and overseen by Trustees from around the world. The Foundation's mission is to foster transparency, accountability, and efficiency in financial markets worldwide, bringing trust, growth, and long-term financial stability to the global economy. The IASB sets IFRS Accounting Standards, and the ISSB sets IFRS Sustainability Disclosure Standards. Both boards work closely to ensure their standards complement each other, providing investors with transparent and reliable information about a company's financial position and performance, as well as sustainability factors that may impact its enterprise value both positively and negatively in the short, medium, and long term. The Trustees serve for a renewable term of three years and engage in consultation with various advisory and consultative groups. The Foundation's due process is based on transparency, full and fair consultation, and accountability, enabling stakeholders to contribute to the work of the Boards and ensure that the best thinking globally is factored into the development of the accounting requirements. The Trustees are responsible for ensuring that the IASB, ISSB, and Interpretations Committee follow the due process. The Foundation engages in consultation with stakeholders worldwide, including investors, national standard-setters, regulators, preparers, auditors, academics, and others. It receives income from two main sources: contributed revenue and earned revenue. Most of its funding comes from voluntary contributions, including jurisdictional contributions, philanthropic grants, and contributions from companies, including accounting firms. Most of its earned revenue comes from licensing intellectual property, memberships, sales of books and publications, subscriptions services, and education programs. In 2023, the Foundation will continue to manage its operating expenditure prudently and effectively and pursue further initiatives to enhance its mission and goals.
Official website here: www.ifrs.org
Is International Financial Reporting Standards Foundation legitimate?
International Financial Reporting Standards Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. International Financial Reporting Standards Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $4,198,859
Professional Fundraising Fees: $0
Other Salaries and Wages: $29,752,420
For more financial information, click here
Official website here: www.ifrs.org
What is the mission statement of International Financial Reporting Standards Foundation?
The International Financial Reporting Standards Foundation is an international, not-for-profit organization dedicated to developing globally accepted accounting and sustainability disclosure standards, known as IFRS standards. Its mission brings transparency, accountability, and efficiency to financial markets worldwide. The foundation operates under a three-tier governance structure, with two independent standard-setting boards, International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB), overseen by trustees from around the globe. The IASB sets IFRS accounting standards, while the ISSB sets IFRS sustainability disclosure standards. Both boards work closely to ensure their standards complement each other, providing investors with transparent and reliable information about a company's financial position and performance, as well as sustainability factors that could impact its value. The trustees serve renewable terms of three years and engage in consultation with various advisory and consultative groups. The IFRS Foundation has a highly regarded, inclusive, and transparent due process for developing IFRS standards, which is essential for creating high-quality global standards.
Official website here: www.ifrs.org
Who is the CEO of International Financial Reporting Standards Foundation?
Lee White is the Issb Chair of International Financial Reporting Standards Foundation.
Official website here: www.ifrs.org
What is the revenue of International Financial Reporting Standards Foundation?
International Financial Reporting Standards Foundation's revenue in 2022 was $69,678,668.
Official website here: www.ifrs.org
Who are the executives of International Financial Reporting Standards Foundation and what are their salaries?
The average compensation at International Financial Reporting Standards Foundation during 2022 was $585,367. There are 58 employees and 140 volunteers at International Financial Reporting Standards Foundation.
Here are 35 key members and their salaries:
- Emmanuel Fabber (Issb Chair)
- Andreas Barckow (Iasb Chair)
- Sue Lloyd (Issb Vice Chair)
- Zach Gast (Iasb Board Member)
- Nick Anderson (Iasb Board Member)
- Tadeu Cendon (Iasb Board Member)
- Jianqiao Lu (Iasb Board Member)
- Bruce Mackenzie (Iasb Board Member)
- Lee White (Managing Director)
- Errki Liikanen (Trustee Chair)
- Linda-Mezon Hutter (Iasb Vice Chair)
- Jingdong Hua (Issb Vice Chair)
- Dame Colette Bowe (Trustee Committee Chair)
- Else Bos (Trustee Committee Chair)
- Dr Suresh P Kana (Trustee Committee Chair)
- Larry Leva (Trustee Vice & Cmte. Chair)
- Michel Madelain (Trustee Committee Chair)
- Teresa Yuk Yin Ko (Trustee Vice & Cmte. Chair)
- Alexsandro Broedel (Trustee)
- Su-Keun Kwak (Trustee)
- Ross Mcinnes (Trustee)
- Joanna Perry (Trustee)
- Robert Pozen (Trustee)
- Vinod Rai (Trustee)
- Lucrezia Reichlin (Trustee)
- Kenneth Robinson (Trustee)
- Erhard Schipporeit (Trustee)
- Sarah J Al Suhaimi (Trustee)
- Maria Theofilaktidis (Trustee)
- Guangyao Zhu (Trustee)
- Masamichi Kono (Trustee)
- Guillermo Babatz (Trustee)
- Kazuyuki Masu (Trustee)
- Keiko Tashiro (Trustee)
- Jorge Familiar Calderson (Trustee)
Official website here: www.ifrs.org
Where can I find the form 990 for International Financial Reporting Standards Foundation?
The International Financial Reporting Standards Foundation’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.ifrs.org
Learn more at the official website: www.ifrs.org
Mission Statement of International Financial Reporting Standards Foundation
The International Financial Reporting Standards Foundation, a not-for-profit organization, is on a mission to develop globally accepted accounting and sustainability disclosure standards, known as IFRS Standards. By fostering transparency, accountability, and efficiency in financial markets around the world, the Foundation serves the public interest and contributes to trust, growth, and long-term financial stability in the global economy.
The Foundation, headquartered in Delaware, US, boasts a three-tier governance structure, with two independent standard-setting boards of experts - the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) - overseen by Trustees from various regions. The Boards consult extensively with a range of advisory bodies and consultative groups, with the IFRS Advisory Council providing advice and counsel to the Trustees. When the creation of the ISSB was announced, the Foundation also announced the planned consolidation of the Climate Disclosure Standards Board (CDSB) and the Value Reporting Foundation (VRF), which were completed in January 2022 and August 2022, respectively.
The IASB sets IFRS Accounting Standards and the ISSB sets IFRS Sustainability Disclosure Standards. IFRS Accounting Standards outline how a company prepares its financial statements, while IFRS Sustainability Disclosure Standards set out how a company discloses information about sustainability-related factors that could impact its financial position and performance. The Boards work closely together to ensure their standards complement each other, providing investors with transparent and reliable information about a company's financial position and sustainability factors.
The Trustees, responsible for the Foundation's governance, serve for a renewable term of three years. The Foundation engages in consultation with various advisory and consultative groups and appoints new members on a regular basis. Both the IASB and ISSB are supported in the standard-setting process by the Technical Staff of the IFRS Foundation.
The Foundation follows a highly regarded and inclusive due process for developing IFRS Standards, which is outlined in its Constitution and further detailed in the Due Process Handbook. The Trustees are required to review the Constitution every five years to ensure the Foundation remains fit for purpose. The due process is based on the principles of transparency, full and fair consultation, and accountability, enabling stakeholders globally to contribute to the work of the Boards and the Interpretations Committee, helping to ensure that the best thinking globally is factored into the development of accounting requirements.
Impact
This information is meant to be a general summary of International Financial Reporting Standards Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
The International Financial Reporting Standards Foundation, through its development of globally accepted accounting and sustainability disclosure standards, has a significant impact on financial markets worldwide. By promoting transparency, accountability, and efficiency in financial reporting, the foundation contributes to fostering trust, growth, and long-term financial stability in the global economy. Its work serves the public interest by providing a framework that helps investors make informed decisions and encourages businesses to operate responsibly and sustainably. The foundation's governance structure, which includes independent standard-setting boards and oversight by trustees and public authorities, ensures that the standards developed are of high quality, understandable, and enforceable. Furthermore, its engagement with a wide range of stakeholders globally demonstrates a commitment to inclusivity and transparency in the standard-setting process.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PUBLICATIONS & RELATED
Revenue
$5,109,946
CONFERENCES
Revenue
$189,288
Organization Details
Founding Year
2001
Phone
(415) 830-9220
Principal Officer
Lee White
Main Address
1045 SANSOME STREET Suite 450, SAN FRANCISCO, CA, 94111
Website
www.ifrs.org
NTEE Category
Code: Q03 - International
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