IFRS Foundation Releases Annual Report

By:
Chris Gaetano
Published Date:
May 15, 2018
Annual Report

The IFRS Foundation, which oversees the development and implementation of International Financial Reporting Standards (IFRS), has released its annual report, which goes over the progress of the foundation's goals, as well as its financial position. 

The report said that 144 of 166 jurisdictions assessed require the use of IFRS standards, 15 out of 25 G20 economies require the use of IFRS standards, and 86 out of 166 jurisdictions require or permit the use of IFRS standards for small and medium-sized enterprises. This has led to 27,000 domestic listed companies across 88 exchanges using IFRS in their financial reporting. 

The report also outlined its priorities for 2018. They include: 

* Issue the revised Conceptual Framework for Financial Reporting
* Advance the Better Communication in Financial Reporting initiative through work on the Primary Financial Statements, Principles of Disclosure and Management Commentary projects
* Publish a Discussion Paper on Financial Instruments with Characteristics of Equity
* Start work on projects in the research pipeline
* Research and develop a strategy that addresses the impact of technology on financial reporting and on the organization
* Complete the review of the Accounting Standards Advisory Forum
* Support the implementation of IFRS 17, including through the Transition Resource Group for IFRS 17 (four meetings scheduled for 2018)
* Maintain an effective IFRS Interpretations Committee process
* Develop additional education materials to support other Standards, including the IFRS for SMEs Standard
* Continue to grow its publications offering, including developing additional annotated books of Standards 
* Continue implementing its international strategy by deepening cooperation with other relevant international organizations and collaborating closely with national standard-setters
* Continue with effective stakeholder engagement initiatives
* Continue supporting jurisdictions and encouraging full adoption of IFRS Standards
* Continue implementating the new licencing model for use of the IFRS Foundation’s intellectual property
* Implement the action plan developed in response to the perception survey, including commencing the update of the Due Process Handbook
* Relocate to the new office premises in Canary Wharf
* Complete management team changes with the appointment of Lee White as Executive Director
* Improve staff engagement and enhance the Foundation's brand as an employer; increase the number of technical staff to effectively deliver the Board’s work plan and provide appropriate implementation support

As for the foundation's finances, the report said that it had £8.7 million in comprehensive income for 2017, up from £3.2 million in 2016. The total income from all activities was £32.1 million, up by $1.5 million from last year. Total operating expenses increased to £24.3 million from £24.2 million. Total net assets increased to £31.5 million. 

Grant Thornton UK LLP audited the financial statement. It gave the opinion that the financial statements give a true and fair view of the financial position of the Foundation as of Dec. 31, 2017, and of its financial performance and its cash flows for the year. 

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