IFRS Foundation reports 3.9% revenue rise despite pushback on IFRS convergence

5 May 2015

The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has released its annual report for 2014 and despite delays and pushback from the US regulator on recent efforts to publish converged IFRS on both revenue recognition and leasing standards, it has reiterated its commitment to pressing on with plans for global adoption of International Financial Reporting Standards (IFRS) while accepting that governance and accountability issues need to take precedence in 2015/16

The annual report 2014 sets out objectives for 2015/16 with acceptance that governance issues need to be addressed to guarantee the organisation’s independence and accountability. As part of this initiative it will seek feedback from stakeholders on ways to strengthen guidance under the 2015 review of structure and effectiveness.

There are also plans to conduct an ‘agenda’ consultation and review of the structure and effectiveness of the organisation to ‘ensure that IFRS is development within the boarder context of winder developments in corporate reporting and in technology’.

In 2014, total revenue rose 3.9% to £28.2m up from £27.4m in 2013 which includes income from all activities, including £22.6m in membership contributions from national jurisdictions. This includes £3.07m from the EU, down from £3.46m in 2013, with total levies of £2.60m from the US, the latter primarily made up of the Financial Accounting Standard Board’s £1.83m fee in 2014.

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