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
What are the reviews and ratings of this charity?
94% - Four-Star out of Four Star Rating
The International Financial Reporting Standards Foundation has received a commendable Four-Star rating from Charity Navigator, indicating a high level of accountability and transparency in its operations. With an overall score of 94%, the organization demonstrates strong financial health, with a program expense ratio of 85.05%, which signifies that a significant majority of its expenses are directed towards its programs rather than overhead costs.
Strengths of the foundation include a wholly independent board of directors, a comprehensive audit and oversight committee, and no reported material diversions of assets. These features contribute to a robust governance structure, ensuring that the organization operates with integrity and maintains proper oversight of its financial activities.
While the foundation shows impressive financial metrics and operational policies, it is essential for potential supporters to consider the broader context of its mission and impact within the field of financial reporting. Continuous engagement with stakeholders and transparency in reporting will be crucial for sustaining trust and efficacy in its future endeavors.
This AI summary has been generated from information found on Charity Navigator.
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.
Heare 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:
- Compensation: $880,714
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- Compensation: $878,357
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- Compensation: $761,777
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- Compensation: $694,692
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- Compensation: $694,689
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- Compensation: $694,689
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- Compensation: $694,689
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- Compensation: $694,689
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- Compensation: $487,797
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- Compensation: $247,186
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- Compensation: $224,695
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- Compensation: $147,334
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- Compensation: $33,370
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- Other: $0
- Compensation: $33,370
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- Compensation: $33,370
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- Compensation: $33,370
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- Compensation: $33,370
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- Compensation: $33,370
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- Compensation: $24,719
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- Compensation: $24,719
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- Other: $0
- Compensation: $24,719
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- Other: $0
- Compensation: $24,719
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- Compensation: $24,719
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- Compensation: $24,719
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- Compensation: $24,719
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- Other: $0
- Compensation: $24,719
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- Other: $0
- Compensation: $24,719
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- Other: $0
- Compensation: $24,719
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- Other: $0
- Compensation: $24,719
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- Other: $0
- Compensation: $24,719
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- Other: $0
- Compensation: $22,659
- Related: $0
- Other: $0
- Compensation: $14,419
- Related: $0
- Other: $0
- Compensation: $14,419
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- Other: $0
- Compensation: $10,299
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.ifrs.org
Where can I find the form 990 for International Financial Reporting Standards Foundation?
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.
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Impact
October, 2024
The International Financial Reporting Standards (IFRS) Foundation plays a critical role in shaping the global landscape of accounting and sustainability reporting. By establishing high-quality, understandable, and enforceable IFRS standards, the foundation enhances transparency and accountability in financial markets. This is essential for fostering trust among investors, regulators, and other stakeholders, ultimately contributing to the overall growth and long-term stability of the global economy.
The foundation's governance structure, which includes two independent standard-setting boards—the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB)—allows for a comprehensive approach to the development of both financial and sustainability disclosure standards. This dual focus ensures that companies provide meaningful reports on their financial performance alongside sustainability-related factors that can influence their enterprise value.
Through extensive consultation processes and stakeholder engagement, the IFRS Foundation incorporates diverse viewpoints, which enhances the quality and relevance of its standards. The transparent due process followed in standard-setting instills confidence among stakeholders that their input is valued and considered. This collaborative approach not only contributes to the development of robust standards but also helps to harmonize practices across different jurisdictions, making financial statements more comparable and reliable globally.
Additionally, the creation of the ISSB signifies a significant step towards addressing the growing demand for sustainability disclosures, reflecting the increasing importance of environmental, social, and governance (ESG) factors in investment decisions. By ensuring that sustainability information is integrated into financial reporting, the IFRS Foundation supports the transition toward a more sustainable global economy.
In summary, the IFRS Foundation's impact extends beyond the mere establishment of accounting standards; it actively contributes to the integrity, efficiency, and sustainability of financial markets worldwide, supporting a framework in which businesses can thrive while addressing the challenges of modern economic and environmental landscapes.
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.
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.
- Investment Income: $351,478
- Program Service Revenue: $5,299,234
- Gross Receipts: $69,678,668
Assets and Liabilities:
- Total Assets: $83,507,013
- Total Liabilities: $25,037,499
- Net Assets: $58,469,514
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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) 830-9220Principal Officer
Lee White
Main Address
1045 SANSOME STREET Suite 450, SAN FRANCISCO, CA, 94111
Website
www.ifrs.orgNTEE Category
Code: Q03 - International
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