The IFRS Foundation, the governance and oversight body of the International Accounting Standards Board (IASB) is to move office, but remain in London following when the lease expires on its current location at Cannon Street in the City
There had been speculation that the body would relocate to a European venue such as Paris, Brussels or Frankfurt in the wake of Brexit, but CCH Daily has learned it will remain in the UK.
In January 2017, it issued a tender for estate agency services for help in acquiring a new property. The Foundation’s lease on its current building at 30 Cannon Street is due to expire in September 2018.
Its criteria for its new office is for premises to be on one floor, to a maximum of 21,000 sq/ft, at a competitive market rate over the duration of the lease
The IFRS Foundation is an independent, not-for-profit organisation incorporated in the State of Delaware, US, with its primary operations based in London. It has been registered as an overseas company since 2001.
In April, the accounting standards setter reported total income from all activities increased by £3.2m to £30.6m in 2016, most of which came from voluntary contributions.
An IFRS Foundation spokesperson said: ‘The IFRS Foundation's lease expires in the second half of 2018. Therefore, the Foundation has been considering different office venues, including staying at its current location. It has been confirmed that the Foundation will remain in London. We cannot confirm any further details at this stage.’
On 20 November 2017, the European Banking Authority confirmed it would be relocating to Paris from London, while the European Medicines Agency, with its 900 Canary Wharf-based staff, will move to Amsterdam by March 2019 at the latest.
Report by Calum Fuller
