THE IFRS FOUNDATION has managed to turn its financials around from loss-making to profitability, according to its annual report.
The foundation is an independent not-for-profit organisation, responsible for developing a single set of international financial reporting standards (IFRS) through its standard-setting body, the IASB.
In its annual report, the foundation has been left with a surplus of £708,000 for the year ended 31 December 2011, a huge turnaround compared with a loss of £2m for 2010.
A breakdown of the financials shows net assets increased 9.2% to £8.4m compared to 2010. Total income from all activities also increased 16.1% to £26.1m.
However, operating expenses increased 6.5% to £25.7m on 2010 which was largely due to increases in salaries and benefits – staff numbers increased to 125 from 119.
For 2012 it hopes to maintain a balanced budget and expects additional funding from countries such as Canada, China, Japan, Russia, the US and a number of emerging markets economies.
The foundation also plans to open a Tokyo office in October with Japanese authorities committing ¥68.5m (£520,000) towards setup and operating costs.
Other expected financials for 2012 include £3.6m from the European Commission, £2.2m from several EU member states, £3.6m from the US, as well as £5.6m from each of the Big Four, £188,574 from BDO and Grant Thornton each, and £62,858 from Mazars.
The foundation has received about £3m in contributions already, which has been invested in short-term deposits.
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