The International Financial Reporting Standards (IFRS) Foundation - the body that polices and sets global accounting standards - has set aside nearly half a million pounds following an HMRC probe into the organisation not paying the right amount of income tax and national insurance contributions.

According to its latest report and accounts, it has parked £460,000 'pending final resolution and settlement' into the matter.

According to a note in the accounts, the investigation began in May 2011 and concerns 'the taxation of members of the IASB and secondees from different parts of the world'.

It also reveals that the foundation has already paid HMRC £24,000 while the investigation looks into two outstanding matters.

The first, concerns the taxation of IASB staff 'who remain resident and therefore continue to pay tax within their home jurisdictions'. It says HMRC has finished looking into this and had 'agreed with the approach we have taken'.

The investigation's second outstanding element relates to how employees seconded from national standard-setters from around the world should be taxed.

'Such staff remain in the employment of the local standard-setter and it has been the view of the IFRS Foundation that taxation of such secondees is therefore a matter for the national standard-setter.

'These are complex matters of tax interpretation where the Foundation had taken external professional advice. We continue to work with HMRC regarding the remaining element of their enquiry,' an IFRS spokesman, said.