The latest figures are disclosed in the IFRS Foundation’s annual report and financial statements for the year ended 31 December 2023.

Total revenue increased year on year from £48.5m to £68.4m in FY2023, an increase of 41%, a figure which included £18.4m in seed funding to create the International Sustainability Standards Board and support for the Frankfurt headquarters, and expansion with three new offices.

In 2023 annual expenditure rose significantly compared to 2022 due to the full-year effect of the prior year’s consolidation and the build-out of the multi-location office model.

This figure is set to grow even further in the next 12 months, with a hike in the 2024 budget to £75m, up 10% year on year.