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IFRS-IASB Short On Funds

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It has been a question of many Accounting persons (particularly in the U.S.) whether the IASB’s funding sources are stable enough for it to truly be the world’s top accounting standard setter. Now, here the answer came out: IFRS disclosed an operating deficit of £1.3 million ($2.1 million) for 2010.

Below is the Financial Position Report released by IFRS:

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IFRS Deficit 2 Million In 2010

There are theree major reasons of why their spend exceed the budget, as they’re mentioned on report package:

  • Contributions exceeded budget, largely because of favourable exchange rate movement. New country regimes were established, but were offset by a loss of some contributions.
  • Publications income was lower than budget, due to a decline in overall book sales and more liberal policy on copyright waivers.
  • Remuneration and other expenses, with the exception of travel, held below agreed budget.
  • Increased travel reflects greater Trustee activity (meetings, stakeholder engagement) and intensive IASB outreach.

A report at The Wall Street Journal says that “Financial Accounting Foundation (FAF), which funds and oversees the U.S. Financial Accounting Standards Board, recently stepped forward to help it with its finances.  According to FAF spokesman Neal McGarity, a few weeks ago the Norwalk, Connecticut-based foundation forwarded $500,000 to the IFRS Foundation, which oversees the IASB.”

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