The IFRS Foundation has increased the amount
of external contributions by 16% to help it balance its books
following a £1.35m ($2.21m) operating deficit in 2010.
The global standard setter is planning to
increase the amount it collects from national jurisdictions, the
private sector and accounting firms, while shaving 9 percent off
its travel budget to reflect a reduction of project specific
outreach activity as the joint IASB and US Financial Accounting
Standards Board convergence programme draws to completion.
In 2010, the IFRS Foundation was able to
reduce its operating deficit to £1.3m from the originally approved
budget deficit of £1.8m but reserve cash reduced by 2% to £7.7m.
Publications income fell due to flagging sales while the standard
setter managed to keep staff costs and other expenses within
budget.
This year, the IFRS Foundation has called for
greater funding through public sponsorship or other intermediated
mechanisms, which has already begun in Asia-Pacific, Europe, Africa
and the Americas. The standard setter anticipates this will grow as
more countries come onboard with IFRS.
In 2011, national bodies will contribute 48%
of income, global accounting firms will contribute 26% percent
while companies will contribute 8%. A further 15% has been
anticipated from the sales of publications and related
activities.
Global accounting firms are the largest
contributors to the IFRS Foundation in 2011. The joint contribution
from global accounting firms is £5.8m ($9.4m). The second largest
contributor is the EU with £5.7m, followed by the US with £1.9m and
Japan with £1.8m.
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