2024-11-15T10:48:12-06:00 2023-12-31 991856619 GRANT THORNTON ADVISORS LLC 53 STATE STREET SUITE 1600 BOSTON MA 02109 990 2023-01-01 134164140 INTERNATIONAL FINANCIAL REPORTING STANDARDS FOUNDATION INTE 4158309220 1045 SANSOME STREET 450 SAN FRANCISCO CA 94111 MICHEL MADELAIN MANAGING DIRECTOR 4158309220 2024-11-15 1 1 ERIN COUTURE P01390592 6177237900 2023 2024-10-15 13:58:12Z MICHEL MADELAIN 1045 SANSOME STREET 450 SAN FRANCISCO CA 94111 76406723 0 X WWW.IFRS.ORG X 2001 DE SEE SCHEDULE O 22 22 56 158 0 0 48814378 44358382 5299234 6630295 351478 758339 15213578 24659707 69678668 76406723 0 7269271 0 0 40539699 50902182 0 0 511810 18532282 18959627 59071981 77131080 10606687 -724357 83507013 84294215 25037499 22775666 58469514 61518549 X SEE SCHEDULE O 0 0 59911133 7269271 24272258 SEE SCHEDULE O 2050926 0 8234988 SEE SCHEDULE O 61962059 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 X 11 0 1 56 1 0 1 UK CA GM JA CH 0 0 0 0 0 0 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA CO DE ID MD NJ NY OR TX VA X KRISTI ROBINSON CFO 2072466410 COLUMBUS BLDG 7 WESTFERRY CIRCUS LONDON UK E14 4HD X ERKKI LIIKANEN TRUSTEE CHAIR 16.00 0.00 X 248000 0 0 DAME COLLETTE BOWE TRUSTEE COMMITTEE CHAIR 5.00 0.00 X 33480 0 0 DR SURESH P KANA TRUSTEE COMMITTEE CHAIR 5.00 0.00 X 33480 0 0 TERESA KO YUK YIN TRUSTEE VICE & COMMITTEE CHAIR 5.00 0.00 X 33480 0 0 LARRY LEVA TRUSTEE VICE & COMMITTEE CHAIR 5.00 0.00 X 33480 0 0 MICHEL MADELAIN TRUSTEE COMMITTEE CHAIR 5.00 0.00 X 33480 0 0 JORGE FAMILIAR CALDERSON TRUSTEE 3.00 0.00 X 0 0 0 MASAMICHI KONO TRUSTEE 3.00 0.00 X 24800 0 0 ROSS MCINNES TRUSTEE 3.00 0.00 X 24800 0 0 ROBERT POZEN TRUSTEE 3.00 0.00 X 24800 0 0 VINOD RAI TRUSTEE 3.00 0.00 X 24800 0 0 LUCREZIA REICHLIN TRUSTEE 3.00 0.00 X 24800 0 0 KENNETH ROBINSON TRUSTEE 3.00 0.00 X 24800 0 0 ERHARD SCHIPPOREIT TRUSTEE 3.00 0.00 X 24800 0 0 SARAH J AL-SUHAIMI TRUSTEE 3.00 0.00 X 24800 0 0 KEIKO TASHIRO TRUSTEE 3.00 0.00 X 24800 0 0 MARIA THEOFILAKTIDIS TRUSTEE 3.00 0.00 X 24800 0 0 ISABEL SAINT MALO TRUSTEE COMMITTEE CHAIR 5.00 0.00 X 13950 0 0 KOUSHIK CHATTERJEE TRUSTEE 3.00 0.00 X 10333 0 0 STEVEN MAIJOOR TRUSTEE 3.00 0.00 X 10333 0 0 LEE SUKJOON TRUSTEE 3.00 0.00 X 10333 0 0 WENCAI ZHANG TRUSTEE 3.00 0.00 X 10333 0 0 LEE WHITE MANAGING DIRECTOR 40.00 0.00 X 516329 0 391 EMMANUEL FABER ISSB CHAIR 40.00 0.00 X 911825 0 0 ANDREAS BARCKOW IASB CHAIR 40.00 0.00 X 911937 0 0 SUSAN LLOYD ISSB VICE CHAIR 40.00 0.00 X 788590 0 0 LINDA MEZON-HUTTER IASB VICE CHAIR 40.00 0.00 X 788590 0 0 JINGDONG HUA ISSB VICE CHAIR 40.00 0.00 X 581762 0 0 NICHOLAS ANDERSON IASB BOARD MEMBER 40.00 0.00 X 721248 0 0 TADEU CENDON FERREIRA IASB BOARD MEMBER 40.00 0.00 X 721248 0 0 PATRINA BUCHANAN IASB BOARD MEMBER 40.00 0.00 X 721248 0 0 RIKA SUZUKI IASB BOARD MEMBER 40.00 0.00 X 721248 0 0 ANN TARCA IASB BOARD MEMBER 40.00 0.00 X 721248 0 0 ELSE BOS FMR TRUSTEE COMMITTEE CHAIR 0.00 0.00 X 19530 0 0 ALEXSANDRO BROEDEL FORMER TRUSTEE 0.00 0.00 X 14467 0 0 SU-KEUN KWAK FORMER TRUSTEE 0.00 0.00 X 14467 0 0 JOANNA PERRY FORMER TRUSTEE 0.00 0.00 X 14467 0 0 GUANGYAO ZHU FORMER TRUSTEE 0.00 0.00 X 14467 0 0 8901353 0 391 116 1 1 0 BAKER MCKENZIE LLP 100 NEW BRIDGE STREET LONDON UK EC4V 6JA CONSULTING 2061579 CORPORATE TRAVELLER LEVEL 6 CI TOWER SURREY UK KT3 4TE TRAVEL AGENT 2023208 SOFTCAT LIMITED HEAD OFFICE MARLOW BUCKINGHAMSHIRE UK SL7 1LW IT SUPPORT 966552 VIALTO PARTNERS 18 ST SWITHINS LANE LONDON UK EC4N 8AD CONSULTING 552190 ADOBE SYSTEMS SOFTWARE 4-6 RIVERWALK CITY WEST BUSINESS CA SAGGART DUBLIN EI 24 IT SUPPORT 530665 29 6066893 38291489 44358382 PUBLICATIONS & RELATED 513100 6351704 6351704 CONFERENCES 611000 278591 278591 6630295 758339 758339 24272258 24272258 OTHER REVENUE 611000 1575255 1575255 HONORARIA 611000 29438 29438 NET EXCHANGE LOSS 900099 -1217244 -1217244 387449 76406723 32507246 0 -458905 7269271 7269271 5319912 3958589 927325 433998 37826561 31693414 6133147 2427089 1904983 522106 1095381 629817 465469 95 4233239 3444298 786870 2071 443468 262243 181176 49 2329331 2155969 173362 200099 23709 176390 23242 23242 162526 162526 448393 389286 52607 6500 666261 120987 545274 4354472 2301615 2052857 3361001 2441865 911405 7731 2993918 2409831 538854 45233 427839 365904 51766 10169 304086 188665 115421 312468 76736 235728 4 COST OF DISTR. MATERIAL 2014123 1975708 38415 0 RECRUITMENT 481684 186643 289081 5960 TAXES & FEES 436716 436716 77131080 61962059 14657211 511810 15288962 20539014 27140773 22384579 5077174 4303081 4528261 4397282 386770 52380 1397266 2601915 15013966 9128935 7629515 5885031 20662579 19915263 1203231 887142 192482 3328528 83507013 84294215 21581201 15896005 3300630 6365616 155668 514045 25037499 22775666 X 0 0 0 0 58469514 61518549 58469514 61518549 83507013 84294215 X -724357 933302 2840090 X X 0 1 X 1 0 X 26086311 23635696 24235872 48814378 44358382 167130639 26086311 23635696 24235872 48814378 44358382 167130639 25155618 141975021 9619927 11535596 11443732 14387178 758339 47744772 -19191 -264711 377034 1177878 -1217244 53766 214929177 43215697 0.66060 0.64590 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: HONORARIA - 2019 AMOUNT: $ 42,458. 2020 AMOUNT: $ 4,790. 2021 AMOUNT: $ 8,760. 2022 AMOUNT: $ 263,464. 2023 AMOUNT: $ 0. EXCHANGE GAINS/LOSSES - 2019 AMOUNT: $ -61,649. 2020 AMOUNT: $ -269,501. 2021 AMOUNT: $ 368,274. 2022 AMOUNT: $ 565,071. 2023 AMOUNT: $ -1,217,244. OTHER REVENUE - 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 349,343. 2023 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9345308 5504981 3840327 3576674 2028639 1548035 2091984 1595315 496669 5885031 OTHER LIABILITIES 514045 514045 X PART X, LINE 2: THE IFRS FOUNDATION WAS INCORPORATED IN FEBRUARY 2001 AND IS REGISTERED IN THE US AS A NOT-FOR-PROFIT CORPORATION KNOWN AS A SECTION 501(C) (03) TAX-EXEMPT ORGANIZATION. THE EXEMPTIONS ARE SUBJECT TO PERIODIC REVIEW BY THE FEDERAL AND STATE TAXING AUTHORITIES AND MANAGEMENT IS CONFIDENT THAT THE IFRS FOUNDATION CONTINUES TO SATISFY ALL FEDERAL AND STATE STATUTES TO CONTINUE TO QUALIFY FOR CONTINUED TAX EXEMPTION STATUS. CORPORATIONS IN THE US ARE REGISTERED IN THE INDIVIDUAL STATES; THE FOUNDATION IS REGISTERED IN THE STATE OF DELAWARE. THE FOUNDATION IS REQUIRED TO REGISTER IN ANY STATE WHERE CHARITABLE FUNDS HAVE BEEN RAISED. IN THE US, THE IFRS FOUNDATION IS REQUIRED TO FILE INFORMATION TAX RETURNS WITH THE FEDERAL AND STATE AUTHORITIES. THE FEDERAL TAX RETURN, KNOWN AS FORM 990, PROVIDES EXTENSIVE FINANCIAL, GOVERNANCE AND COMPLIANCE INFORMATION. THE STATE RETURNS ARE BRIEF IN COMPARISON, BUT ALL REQUIRE THAT FORM 990 IS ATTACHED TO THE STATE FILINGS. THE ACTUAL BUSINESS TRADING ACTIVITIES OF THE FOUNDATION SURROUNDING ITS UK AND US EARNED REVENUE ACTIVITIES DO NOT PRESENT ANY US TAX FILING REQUIREMENTS. 0 EUROPE (INCLUDING ICELAND & GREENLAND) 2 244 PROGRAM SERVICES SEE PART V 51964388 NORTH AMERICA 1 22 PROGRAM SERVICES SEE PART V 4283075 EAST ASIA AND THE PACIFIC 1 5 PROGRAM SERVICES SEE PART V 134000 SOUTH ASIA 0 0 INVESTMENTS 3315242 NORTH AMERICA 0 0 INVESTMENTS 6020008 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 10580013 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 7060265 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING 209006 4 271 0 0 4 271 83565997 0 83565997 EUROPE (INCLUDING ICELAND & GREENLAND) GENERAL SUPPORT 7060265 0 EAST ASIA AND THE PACIFIC GENERAL SUPPORT 209006 0 2 0 0 0 1 0 0 1 PART I, LINE 3: COLUMN (E) IF PROGRAM SERVICES CONDUCTED, DESCRIBE SPECIFIC TYPE OF SERVICES: SEE SCHEDULE O REFERENCES TO FORM 990, PART III DESCRIPTIONS. COLUMN (F) METHOD OF ACCOUNTING USED ON FINANCIAL STATEMENTS: FINANCIAL ACCOUNTS ARE PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING STANDARDS. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 ANDREAS BARCKOW IASB CHAIR 911937 0 0 0 0 0 0 0 0 0 911937 0 0 0 EMMANUEL FABER ISSB CHAIR 911825 0 0 0 0 0 0 0 0 0 911825 0 0 0 SUSAN LLOYD ISSB VICE CHAIR 788590 0 0 0 0 0 0 0 0 0 788590 0 0 0 LINDA MEZON-HUTTER IASB VICE CHAIR 788590 0 0 0 0 0 0 0 0 0 788590 0 0 0 NICHOLAS ANDERSON IASB BOARD MEMBER 721248 0 0 0 0 0 0 0 0 0 721248 0 0 0 TADEU CENDON FERREIRA IASB BOARD MEMBER 721248 0 0 0 0 0 0 0 0 0 721248 0 0 0 PATRINA BUCHANAN IASB BOARD MEMBER 721248 0 0 0 0 0 0 0 0 0 721248 0 0 0 RIKA SUZUKI IASB BOARD MEMBER 721248 0 0 0 0 0 0 0 0 0 721248 0 0 0 ANN TARCA IASB BOARD MEMBER 721248 0 0 0 0 0 0 0 0 0 721248 0 0 0 JINGDONG HUA ISSB VICE CHAIR 581762 0 0 0 0 0 0 0 0 0 581762 0 0 0 LEE WHITE MANAGING DIRECTOR 516329 0 0 0 0 0 0 0 391 0 516720 0 0 0 ERKKI LIIKANEN TRUSTEE CHAIR 248000 0 0 0 0 0 0 0 0 0 248000 0 0 0 ELSE BOS FMR TRUSTEE COMMITTEE CHAIR 19530 0 0 0 0 0 0 0 0 0 19530 0 0 0 ALEXSANDRO BROEDEL FORMER TRUSTEE 14467 0 0 0 0 0 0 0 0 0 14467 0 0 0 SU-KEUN KWAK FORMER TRUSTEE 14467 0 0 0 0 0 0 0 0 0 14467 0 0 0 JOANNA PERRY FORMER TRUSTEE 14467 0 0 0 0 0 0 0 0 0 14467 0 0 0 GUANGYAO ZHU FORMER TRUSTEE 14467 0 0 0 0 0 0 0 0 0 14467 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS ARE PROVIDED TO SPECIFIC EMPLOYEES WITHIN THE CONTEXT OF EMPLOYER'S ANNUAL UK PAYE SETTLEMENT AGREEMENTS. FORM 990, PART I, LINE 1 THE IFRS FOUNDATION IS A NOT-FOR-PROFIT ORGANIZATION CREATED IN 2001 TO DEVELOP IN THE PUBLIC INTEREST HIGH-QUALITY, UNDERSTANDABLE, ENFORCEABLE AND GLOBALLY ACCEPTED STANDARDS FOR GENERAL PURPOSE FINANCIAL REPORTING, AND TO PROMOTE AND FACILITATE THEIR ADOPTION. THE STANDARDS: IFRS ACCOUNTING STANDARDS AND IFRS SUSTAINABILITY DISCLOSURE STANDARDS ARE COLLECTIVELY REFERRED TO AS IFRS STANDARDS. THEY ARE SET BY THE FOUNDATION'S TWO INDEPENDENT STANDARD-SETTING BODIES, THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) AND THE INTERNATIONAL SUSTAINABILITY STANDARDS BOARD (ISSB), USING A RIGOROUS, INCLUSIVE AND TRANSPARENT DUE PROCESS. FORM 990, PART III, LINE 1 THE IFRS FOUNDATION'S MISSION IS TO DEVELOP IFRS STANDARDS THAT BRING TRANSPARENCY, ACCOUNTABILITY AND EFFICIENCY TO CAPITAL MARKETS AROUND THE WORLD. OUR WORK SERVES THE PUBLIC INTEREST BY FOSTERING TRUST, GROWTH AND LONG-TERM FINANCIAL STABILITY IN THE GLOBAL ECONOMY. KEY ACCOMPLISHMENTS IN 2023 - COMPLETED TECHNICAL DISCUSSIONS ON TWO NEW IFRS ACCOUNTING STANDARDS TO IMPROVE COMPANIES' FINANCIAL PERFORMANCE REPORTING (IFRS 18 PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS) AND REDUCE DISCLOSURES FOR SUBSIDIARY COMPANIES (IFRS 19 SUBSIDIARIES WITHOUT PUBLIC ACCOUNTABILITY: DISCLOSURES), DUE TO BE ISSUED IN 2024. - AMENDED OUR ACCOUNTING STANDARDS TO IMPROVE TRANSPARENCY OF SUPPLIER FINANCE ARRANGEMENTS, HELP COMPANIES RESPOND TO INTERNATIONAL TAX REFORM AND INCREASE CONSISTENCY IN ACCOUNTING WHEN A CURRENCY CANNOT BE EXCHANGED. - LAUNCHED TWO INAUGURAL IFRS SUSTAINABILITY DISCLOSURE STANDARDS IFRS S1 GENERAL REQUIREMENTS FOR DISCLOSURE OF SUSTAINABILITY-RELATED FINANCIAL INFORMATION AND IFRS S2 CLIMATE-RELATED DISCLOSURES. - AMENDED THE SASB STANDARDS, WHICH FACILITATE THE APPLICATION OF IFRS S1, TO ENHANCE THEIR INTERNATIONAL APPLICABILITY. - SECURED ENDORSEMENT OF IFRS SUSTAINABILITY DISCLOSURE STANDARDS BY MARKET REGULATORS. OPENED OUR OFFICE IN BEIJING, FOLLOWING THE SIGNING OF A MEMORANDUM OF UNDERSTANDING WITH THE CHINESE MINISTRY OF FINANCE IN 2022. - SIGNED AN AGREEMENT WITH THE FINANCIAL ACCOUNTING STANDARDS FOUNDATION IN JAPAN, EXTENDING JAPAN'S LONG-TERM FINANCIAL COMMITMENT TO THE IFRS FOUNDATION AND OUR OFFICE IN TOKYO. FORM 990, PART III, LINE 4A THE FOUNDATION'S WORK SERVES THE PUBLIC INTEREST BY FOSTERING TRUST, GROWTH AND LONG-TERM FINANCIAL STABILITY IN THE GLOBAL ECONOMY. THE IFRS FOUNDATION HAS A THREE-TIER GOVERNANCE STRUCTURE, BASED ON TWO INDEPENDENT STANDARD-SETTING BOARDS OF EXPERTS (INTERNATIONAL ACCOUNTING STANDARDS BOARD -IASB AND INTERNATIONAL SUSTAINABILITY STANDARDS BOARD - ISSB), GOVERNED AND OVERSEEN BY TRUSTEES FROM AROUND THE WORLD (IFRS FOUNDATION TRUSTEES) WHO IN TURN ARE ACCOUNTABLE TO A MONITORING BOARD OF PUBLIC AUTHORITIES (IFRS FOUNDATION MONITORING BOARD). THE IASB IS AN INDEPENDENT ACCOUNTING STANDARD-SETTING BODY OF THE IFRS FOUNDATION. ITS 14 MEMBERS ARE APPOINTED FROM VARIOUS COUNTRIES AND PROFESSIONAL BACKGROUNDS, INCLUDING ACADEMIA, ACCOUNTANCY, INVESTMENT, REPORTING COMPANIES, REGULATION AND STANDARD-SETTING. THE IASB ISSUES IFRS ACCOUNTING STANDARDS, THE IFRS FOR SMES ACCOUNTING STANDARD AND THE IFRS ACCOUNTING TAXONOMY, WHICH ENABLES DIGITAL REPORTING. THE ISSB IS AN INDEPENDENT SUSTAINABILITY DISCLOSURE STANDARD-SETTING BODY OF THE IFRS FOUNDATION. ITS 14 MEMBERS ARE APPOINTED FROM VARIOUS COUNTRIES AND PROFESSIONAL BACKGROUNDS, INCLUDING ACADEMIA, ACCOUNTANCY, INVESTMENT, SUSTAINABILITY, MARKET OR FINANCIAL REGULATION AND REPORTING COMPANIES. THE ISSB ISSUES IFRS SUSTAINABILITY DISCLOSURE STANDARDS AND THE IFRS SUSTAINABILITY DISCLOSURE TAXONOMY, WHICH ENABLES DIGITAL REPORTING. THE ISSB ALSO MAINTAINS THE SASB STANDARDS. MEMBERS OF THE IASB AND ISSB ARE APPOINTED BY THE TRUSTEES OF THE IFRS FOUNDATION THROUGH AN OPEN AND RIGOROUS PROCESS. MEMBERS ARE SELECTED ON THE BASIS OF THEIR PROFESSIONAL COMPETENCE AND PRACTICAL EXPERIENCE, AND DRAWN FROM A VARIETY OF GEOGRAPHICAL AND PROFESSIONAL BACKGROUNDS, INCLUDING USERS INVESTORS, PREPARERS OF FINANCIAL REPORTS, STANDARD- SETTERS AND AUDITORS. THE TRUSTEES, IASB AND ISSB ARE SUPPORTED BY: THE IFRS ADVISORY COUNCIL, THE FORMAL EXTERNAL ADVISORY BODY TO THE BOARD AND TRUSTEES, CONSISTING OF A WIDE RANGE OF REPRESENTATIVES FROM GROUPS THAT ARE AFFECTED BY AND INTERESTED IN THE FOUNDATION'S WORK. THE INTEGRATED REPORTING AND CONNECTIVITY COUNCIL IS AN ADVISORY BODY TO THE IFRS FOUNDATION TRUSTEES, THE IASB AND ISSB. THE COUNCIL PROVIDES GUIDANCE ON: - HOW REPORTING REQUIRED BY THE IASB AND ISSB COULD BE INTEGRATED; AND - HOW THE IASB AND ISSB COULD CONSIDER APPLYING PRINCIPLES AND CONCEPTS FROM THE INTEGRATED REPORTING FRAMEWORK TO THEIR PROJECTS. BY PROVIDING INSIGHT THAT HELPS ALIGN THE IASB REQUIREMENTS WITH THOSE OF THE ISSB, THE COUNCIL PLAYS AN IMPORTANT ROLE IN ADVANCING THE PROVISION OF COHERENT AND CONNECTED FINANCIAL REPORTING PACKAGES. THE IFRS INTERPRETATIONS COMMITTEE, THE BOARD'S INTERPRETATIVE BODY, WHOSE REMIT IS TO RESPOND TO QUESTIONS ABOUT THE APPLICATION OF THE ACCOUNTING STANDARDS (AND DO OTHER WORK AT THE REQUEST OF THE IASB) , CONSISTING OF MEMBERS DRAWN FROM A VARIETY OF COUNTRIES AND PROFESSIONAL BACKGROUNDS; AND THE ACCOUNTING STANDARDS ADVISORY FORUM, CONSISTING OF NATIONAL STANDARD-SETTERS AND REGIONAL STANDARD-SETTING BODIES, CONTRIBUTING TOWARDS THE GOAL OF DEVELOPING GLOBALLY ACCEPTED HIGH-QUALITY ACCOUNTING STANDARDS. THE ISSB INVESTOR ADVISORY GROUP, A GROUP OF LEADING ASSET OWNERS AND ASSET MANAGERS IN VARIOUS MARKETS WHO ARE COMMITTED TO IMPROVING THE QUALITY AND COMPARABILITY OF SUSTAINABILITY-RELATED FINANCIAL DISCLOSURES. THE SUSTAINABILITY STANDARDS ADVISORY FORUM, A GROUP OF NOMINATED MEMBERS FROM JURISDICTIONAL AND REGIONAL AUTHORITIES INVOLVED IN SUSTAINABILITY-RELATED REPORTING. THE SUSTAINABILITY CONSULTATIVE COMMITTEE, A GROUP TO IDENTIFY, INFORM AND ADVISE THE ISSB ON PRIORITY SUSTAINABILITY MATTERS AND RELATED TECHNICAL PROTOCOLS, AS WELL AS SIGNIFICANT INTERDEPENDENCIES BETWEEN SUSTAINABILITY MATTERS. BOTH BOARDS ARE SUPPORTED BY THE FOUNDATION'S TECHNICAL STAFF: CONDUCTING RESEARCH AND OTHER TECHNICAL SUSTAINABILITY AND ACCOUNTING ACTIVITIES, EXTENSIVE ENGAGEMENT WITH STAKEHOLDERS AND COLLABORATIVE OUTREACH WITH THE WORLDWIDE INVESTOR AND BUSINESS COMMUNITY. THE IFRS FOUNDATION HAS A HIGHLY REGARDED, INCLUSIVE AND TRANSPARENT DUE PROCESS FOR DEVELOPING IFRS STANDARDS. THIS DUE PROCESS IS OUTLINED IN OUR CONSTITUTION AND IN MORE DETAIL IN THE DUE PROCESS HANDBOOK. THE DUE PROCESS ENABLES OUR DIVERSE GROUP OF STAKEHOLDERS TO FOLLOW AND CONTRIBUTE TO OUR STANDARD-SETTING, HELPING US ENSURE THAT THE REQUIREMENTS IN IFRS STANDARDS REFLECT THE BEST THINKING WORLDWIDE. TRANSPARENCY, FULL AND FAIR CONSULTATION, AND ACCOUNTABILITY ARE THE ESSENTIAL PRINCIPLES OF OUR DUE PROCESS. BY FOLLOWING THESE PRINCIPLES, OUR DUE PROCESS BUILDS TRUST IN AND GLOBAL ACCEPTANCE OF IFRS STANDARDS. THE TRUSTEES ARE RESPONSIBLE FOR THE GOVERNANCE OF THE IFRS FOUNDATION. AS PART OF THIS ROLE, THEY ENSURE THAT THE IASB, THE ISSB AND THE IFRS INTERPRETATIONS COMMITTEE FOLLOW OUR DUE PROCESS. THE TRUSTEES DO SO VIA THEIR DUE PROCESS OVERSIGHT COMMITTEE (DPOC). OUR DUE PROCESS IS TRANSPARENT AND INCLUSIVE. ALL MEETING PAPERS THAT INFORM THE DISCUSSIONS OF THE IASB, ISSB AND IFRS INTERPRETATIONS COMMITTEE ARE PUBLISHED ON OUR WEBSITE, AND STAKEHOLDERS CAN WATCH THE DISCUSSIONS VIA LIVE STREAMING OR RECORDINGS. ALL STANDARD-SETTING PROPOSALS ARE PUBLISHED FOR PUBLIC CONSULTATION. THE FULL PROCESS IS DESCRIBED IN DETAIL IN THE IFRS FOUNDATION DUE PROCESS HANDBOOK. THE DPOC HAS ACKNOWLEDGED THAT THE ISSB'S DUE PROCESS WILL DEVELOP OVER TIME AS THE ISSB BEGINS OPERATING AND ITS STRUCTURES AND PROCESSES ARE PUT IN PLACE AND MATURE, AND THAT THE DUE PROCESS HANDBOOK WILL BE UPDATED IN THE FUTURE TO REFLECT THOSE STRUCTURES AND PROCESSES. IN THE MEANTIME, THE REQUIREMENTS SPECIFIED IN THE HANDBOOK FOR THE IASB ALSO APPLY TO THE ISSB. BOTH BOARDS CARRY OUT PERIODIC CONSULTATIONS TO INFORM THEIR LONGER-TERM WORK PLANS. THE FOUNDATION'S CONTRIBUTED REVENUE IS MADE UP OF VOLUNTARY CONTRIBUTIONS FROM JURISDICTIONS; SEED FUNDING FOR THE ISSB FROM CANADA, CHINA, GERMANY AND JAPAN; PHILANTHROPIC GRANTS; AND CONTRIBUTIONS FROM COMPANIES, INCLUDING VIA THE IFRS FOUNDATION CORPORATE CHAMPIONS NETWORK. WHILE FUNDING MECHANISMS DIFFER, MOST JURISDICTIONS HAVE ESTABLISHED EITHER A LEVY ON COMPANIES, OR A SYSTEM OF PUBLICLY SUPPORTED FINANCING. IN ADDITION, THE FOUNDATION'S EARNED REVENUE COMES FROM LICENSING OF INTELLECTUAL PROPERTY, PUBLICATIONS, MEMBERSHIP FEES, EDUCATION PROGRAMMES AND CONFERENCES. IN 2024 THE FOUNDATION WILL CONTINUE TO MANAGE ITS OPERATING EXPENDITURE PRUDENTLY AND EFFECTIVELY AND WILL ACTIVELY PURSUE FURTHER INITIATIVES TO ENHANCE THE ORGANIZATION'S MISSION AND GOALS. TO LEARN MORE ABOUT THE FOUNDATIONS ACCOMPLISHMENTS AND KEY DEVELOPMENTS DURING 2023, PLEASE SEE OUR 2023 ANNUAL REPORT ON THE FOUNDATION'S WEBSITE WWW.IFRS.ORG. FOR MORE INFORMATION ON THE DEVELOPMENT AND PROGRESS OF IFRS STANDARDS, OR THE IASB AND ISSB'S WORK PLANS AND PROJECTS AT VARIOUS STAGES OF COMPLETION, PLEASE SEE THE "PROJECTS" SECTIONS OF IFRS ACCOUNTING AND IFRS SUSTAINABILITY ON THE FOUNDATION'S WEBSITE WWW.IFRS.ORG. FORM 990, PART III, LINE 4B CONTENT SERVICES AND RELATED ACTIVITIES: PUBLICATIONS AND THE IFRS TAXONOMY ACTIVITIES ALL SUPPORT THE OBJECTIVES OF THE ORGANIZATION AND THE STANDARD SETTING PROCESS. SOME MAJOR ACTIVITIES ARE AS FOLLOWS: - CREATION AND MANAGEMENT OF CONTENT-RELATED POLICIES. A KEY CHALLENGE FOR THE CONTENT SERVICES TEAM IS TO BALANCE THE COMMERCIAL NEEDS AND THE PUBLIC INTEREST MISSION OF THE IFRS FOUNDATION. THE TEAM CONTRIBUTES TO THE MISSION AND FINANCING OF THE ORGANISATION THROUGH THE PROVISION OF PUBLICATION SERVICES. - ADVISING NATIONAL AUTHORITIES ON THE IFRS ADOPTION AND CONVERGENCE PROCESS, THE TRANSLATIONS, ADOPTION AND COPYRIGHT TEAM LIAISES WITH THE RELEVANT NATIONAL LEGAL AUTHORITY TO SUPPORT AND ENABLE NATIONAL ADOPTION OF IFRS STANDARDS. THE TEAM AIMS TO SUPPORT THIS COMPLEX PROCESS WHILE MAINTAINING CONSISTENCY WITH THE FOUNDATION'S INTERNATIONAL POLICIES. - DIRECTING IFRS TRANSLATION ACTIVITIES: IFRS STANDARDS ARE TRANSLATED INTO MORE THAN 40 LANGUAGES WORLDWIDE. ANY TRANSLATION OF THE STANDARDS MUST BE CONSISTENT AND PRESERVE THE INTEGRITY OF THE ORIGINAL MEANING IN A NON-ENGLISH LANGUAGE; THE TEAM FACILITATES THIS BY PROVIDING ADVICE TO TRANSLATING JURISDICTIONS AND BY MONITORING THE VARIOUS REVIEW COMMITTEES. - SALES AND LICENSING OF FOUNDATION MATERIAL: THE FOUNDATION'S WEB SHOP IS THE MAIN SALES TOOL FOR BOOKS, SUBSCRIPTIONS AND OTHER PRODUCTS. NUMEROUS PUBLISHERS AND OTHER INDUSTRY ORGANISATIONS SEEK TO SELL CONTENT. IN ORDER TO PROTECT THE IFRS BRAND, CONTENT SERVICES STAFF LICENSE THE USE OF MATERIALS, IN CONFORMITY WITH THE FOUNDATION'S LICENSING POLICIES. - IFRS TAXONOMY: THE IFRS TAXONOMY IS THE XBRL REPRESENTATION OF IFRS STANDARDS THAT SEEKS TO ADDRESS THE DEMAND FOR AN ELECTRONIC STANDARD TO TRANSMIT FINANCIAL INFORMATION. UPDATES CONTAIN ADDITIONAL TAXONOMY CONCEPTS THAT REFLECT NEW AND AMENDED IFRS STANDARDS ISSUED BY THE BOARD, THEREBY ALLOWING ENTITIES TO REPORT ELECTRONICALLY USING THE LATEST IFRS STANDARDS WITHOUT THE NEED FOR THESE ENTITIES TO CREATE THEIR OWN TAXONOMY CONCEPTS. THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) AND THE IFRS INTERPRETATIONS COMMITTEE (INTERPRETATIONS COMMITTEE) CARRY OUT A NUMBER OF ACTIVITIES TO SUPPORT THE UNDERSTANDING AND CONSISTENT APPLICATIONS OF IFRS ACCOUNTING STANDARDS. SUPPORTING MATERIALS INCLUDE: EDUCATIONAL MATERIALS, WEBCASTS AND WEBINARS, ARTICLES, TRANSITION RESOURCE GROUP MEETING SUMMARIES, AND INTERPRETATIONS COMMITTEE AGENDA DECISIONS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 PROCESS ENSURES ACCURACY AND COMPLIANCE. QUALIFIED EMPLOYEES GATHER THE DATA, AND THE CHIEF FINANCIAL OFFICER REVIEWS IT. A U.S. TRUSTEE WITH FORM 990 EXPERIENCE FIRST REVIEWS THE FORM, FOLLOWED BY THE AUDIT & RISK COMMITTEE. EXTERNAL TAX PROFESSIONALS PROVIDE TECHNICAL ADVICE AND HANDLE ELECTRONIC FILING. THE TRUSTEES CONDUCT A FINAL REVIEW BEFORE SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C THE TRUSTEES DEVELOP RULES AND PROCEDURES TO ENSURE THAT THE BOARDS ARE, AND ARE SEEN TO BE, INDEPENDENT. THE FOUNDATION'S WRITTEN CONFLICT OF INTEREST POLICY IS AVAILABLE ON ITS WEBSITE. TRUSTEES COMPLETE A DECLARATION OF INTEREST WHEN THEY ARE APPOINTED, AND THEN AN ANNUAL DECLARATION EACH YEAR. THE DECLARATIONS ARE REVIEWED BY THE SECRETARY OF THE TRUSTEES. SIMILARLY, BOARD MEMBERS AND SENIOR STAFF COMPLETE AN ANNUAL DECLARATION THAT IS REVIEWED BY THE HEAD OF HUMAN RESOURCES AND THE MANAGING DIRECTOR. IN ADDITION, THE POLICY ALSO REQUIRES TRUSTEES, BOARD MEMBERS AND SENIOR STAFF TO NOTIFY ANY CHANGES DURING THE YEAR, WITHIN AT LEAST FOURTEEN (14) DAYS OF BECOMING AWARE OF ANY CHANGES. ANY POTENTIAL CONFLICTS OF INTEREST ARE REFERRED TO THE ETHICS COMMITTEE CONSISTING OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 OVERALL COMPENSATION AT THE IFRS FOUNDATION IS REVIEWED BY THE HUMAN CAPITAL COMMITTEE, COMPOSED OF TRUSTEES WITH SENIOR EXPERIENCE IN VARIOUS SECTORS. ANNUALLY, THE COMMITTEE EXAMINES TRENDS IN REMUNERATION USING INDICES LIKE THE CONSUMER PRICE INDEX AND PAY TRENDS IN SIMILAR ORGANIZATIONS. THEY PROPOSE COMPENSATION PARAMETERS AND PRINCIPLES TO THE FULL TRUSTEE GROUP FOR APPROVAL. AN INDEPENDENT CONSULTANCY PROVIDES BENCHMARKING DATA TO COMPARE PAY LEVELS WITH OTHER EMPLOYERS. MANAGERS MAKE PAY RECOMMENDATIONS BASED ON THESE BENCHMARKS AND PERFORMANCE EVALUATIONS, WHICH ARE THEN REVIEWED AT THE EXECUTIVE LEVEL. THE COMMITTEE ALSO REVIEWS PROPOSED PAY INCREASES FOR LEADERSHIP ROLES AND SUBMITS THEIR RECOMMENDATIONS TO THE FULL TRUSTEE GROUP FOR FINAL APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENT, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC THROUGH ITS WEBSITE, WWW.IFRS.ORG. FORM 990, ITEM E AND PART VI, SECTION C, LINE 20: THERE HAVE BEEN NO CHANGES DURING THE YEAR IN THE PROCESS FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS. ON FORM 990, ITEM E AND PART VI, SECTION C, LINE 20, RESPECTIVELY, AS (207)246-6410 AND 20 7246 6410. FORM 990, PART VII, SECTION A: REMUNERATION FOR BOARD MEMBERS IS EITHER: AN ANNUAL ALLOWANCE WHERE MEMBERS CAN CHOOSE HOW THIS BALANCE IS RECEIVED IN SALARY, PENSION CONTRIBUTIONS AND OTHER BENEFITS; OR GROSS SALARY PLUS PENSION CONTRIBUTIONS AND OTHER BENEFITS. THE ANNUAL GROSS SALARY BASED ON A FULL YEAR FOR IASB AND ISSB MEMBERS RANGES BETWEEN $582,000 AND $650,000. NINE BOARD MEMBERS RECEIVED COMPENSATION OF THE SAME AMOUNT, $721,248 AND ARE CONSIDERED TO BE IN THE GROUP OF TOP FIVE HIGHEST COMPENSATED EMPLOYEES. IN ADDITION TO THOSE LISTED ON PART VII, SECTION A, THE FOLLOWING BOARD MEMBERS WERE PAID THE SAME AMOUNT: ROBERT UHL BERTRAND PERRIN JIANQIAO LU BRUCE MACKENZIE FORMER TRUSTEES NO COMPENSATION WAS RECEIVED FOR 2023 FOR FORMER TRUSTEES. HOWEVER, SINCE THEIR COMPENSATION IS PAID IN ARREARS, IT WAS PAID IN 2023 FOR THEIR PRIOR SERVICE, SO THE TRUSTEES ARE INCLUDED IN THIS SECTION OF FORM 990. JORGE FAMILIAR CALDERSON ALTHOUGH TRUSTEES GENERALLY RECEIVE A STANDARD FEE FOR THEIR SERVICES, JORGE FAMILIAR CALDERSON HAS CHOSEN TO PROVIDE HIS SERVICES PRO BONO. AS A RESULT, THE REPORTED COMPENSATION IS NIL. FORM 990, PART XI, LINE 9: FX TRANSLATION DIFF ON OPENING RESERVE 3,339,600. IMPACT OF FOREIGN EXCHANGE TRANSLATION -499,510. FORM 990, PART XII, LINE 2C: THERE HAVE BEEN NO ALTERATIONS TO THE PROCESS FOR SUPERVISING THE AUDIT OF THE FINANCIAL STATEMENTS. VALUE REPORTING CHARITY UK COLUMBUS BLDG 7 WESTFERRY CI CANAR LONDON UK E14 4HD CHARITY UK VRF UK 0 IFRS FOUNDATION (ISSB) FRANKFURT OPERNPLATZ 14 60313 FRANKFURT AM M FRANKFURT GM 60313 CHARITY GM IFRS FDN 1 IFRS FOUNDATION (ISSB) MONTREAL 1100 RENE-LEVESQUE BLVD W 25TH FLOO MONTREAL CA H3B 5C9 CHARITY CA IFRS FDN 1 IFRS FOUNDATION ASIA OCEANIA IPPAN SHADAN HOJIN SOUTH TOWER 9-7 OTEMACHI 1-CHOME CHIYODAKU TOKYO JA 100-0004 CHARITY JA IFRS FDN 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 IFRS FOUNDATION ASIA OCEANIA IPPAN SHADAN HOJIN B 209006 FMV IFRS FOUNDATION (ISSB) FRANKFURT B 7060265 FMV