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2017 Annual Report 2017 ANNUALREPORT 2017® IFRS FOUNDATION Financial reporting for the world economy Contents 2017—Key achievements 3 Report of the Chair of the IFRS Foundation Trustees 4 Report of the Chair of the International Accounting Standards Board 5 Our contribution to the world economy 6 Use of our Standards around the world 7 How we work 8 Our structure 9 How we are funded 9 Board members—International Accounting Standards Board 10 Trustees—IFRS Foundation 11 Monitoring Board 12 Report of the Chair of the IFRS Foundation Monitoring Board 13 Our people and locations 14 Strategy and operational priorities 15 Performance and priorities 16 FINANCIAL STATEMENTS Introduction to the financial statements 18 Independent auditor's report to the Trustees of the IFRS Foundation 19 Statement of comprehensive income 21 Statement of changes in equity 21 Statement of financial position 22 Statement of cash flows 23 Notes to the financial statements 24 APPENDICES Financial supporters 32 IFRS Interpretations Committee members 36 IFRS Advisory Council members 37 About us The IFRS Foundation is a not-for-profit, public interest organisation established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting standards—IFRS Standards—and to promote and facilitate their adoption. IFRS Standards are set by the IFRS Foundation’s standard-setting body, the International Accounting Standards Board (Board). The responsibility for governance and oversight of the Board lies with the IFRS Foundation Trustees, who in turn are accountable to a Monitoring Board of public authorities. ANNUAL REPORT 2017 2017–Key achievements May 2017 IFRS® Standards IFRS 17 Insurance Contracts Issued IFRS 17 Insurance Contracts IFRS 17 is the first truly international accounting standard for insurance contracts. It fundamentally overhauls insurance accounting to help investors and others better understand insurers’ risk exposure, profitability and financial position. IFRS 17 becomes effective in 2021. October 2017 September 2017 September 2017 IFRS® Standards ® IFRS Foundation Exposure Draft ED/2017/6 IFRS® Practice Statement Disclosure Initiative—Case Studies Definition of Material Making Materiality Judgements Better Communication in Proposed amendments to IAS 1 and IAS 8 Made substantial progress with Financial Reporting Comments to be received by 15 January 2018 Practice Statement 2 Making disclosures more meaningful March 2017 Better Communication in Financial Reporting Discussion Paper DP/2017/1 Disclosure Initiative—Principles of Disclosure Published several documents as part of the Board’s work Comments to be received by 2 October 2017 to improve the effectiveness of communication in financial reports. More regulators are requiring use of the IFRS Taxonomy. Over 20,000 Supported implementation of IFRS Standards views of IFRS 17 Published more than 20 web presentations and developed other education materials to web presentations support implementation of the newest IFRS Standards—IFRS 9, IFRS 15, IFRS 16 and IFRS 17. Independent perception survey provided 127 82% 86% PERCEPTIONS OF THE IFRS FOUNDATION stakeholders say the Foundation say the Foundation REPUTATION RESEARCH FINDINGS July 2017 encouraging surveyed meets its mission is transparent feedback Strengthened stakeholder engagement and international cooperation Signed cooperation agreements with the World Bank and the Basel Committee on Banking Supervision and launched a more user-centric website that is easier for stakeholders to use. 3 ANNUAL REPORT 2017 Continued progress towards our goals Report of the Chair of the IFRS Foundation Trustees Of course, the quality of implementation is just as important as the number of jurisdictions using the Standards. Therefore, in addition to our own implementation support activities, we have strengthened our strategic alliances with other relevant international organisations as well as with national and regional standard-setting organisations. In 2017, we signed a Memorandum of 144jurisdictions require Understanding (MoU) with the Basel IFRS Standards Committee on Banking Supervision to ensure that our respective activities and requirements are compatible. We also signed an MoU with the World Bank The Trustees believe that the current 2017 highlights to provide more effective support to level of reserves should be retained to developing countries implementing In 2017, we have made progress towards cover contingencies, the costs of the IFRS Standards. our G20-endorsed goal of developing premises move to Canary Wharf and high quality global accounting standards Institutional resilience investments in technology. and have strengthened the institutional Currency fluctuations and the ongoing resilience of the IFRS Foundation. As our international responsibilities have continued to grow, so has the need to challenge of securing financial Global accounting standards ensure the IFRS Foundation is resourced contributions from some countries and well positioned to respond to the emphasise the importance of having Last year, I reported that 126 jurisdictions associated challenges. I would like to adequate reserves to ensure the required the use of IFRS Standards for highlight three key developments in 2017. organisation is financially resilient. all or most publicly listed companies, with a further 13 permitting their use. First, we commissioned an independent Third, we have continued to invest in During 2017, we welcomed the market research agency to better attracting high quality staff throughout announcement that 17 West and Central understand how we are seen among all functions of the organisation. We have African jurisdictions, coordinated by the our international stakeholder groups. been successful in recruiting a new Organization for the Harmonization of The findings were very encouraging. Executive Technical Director, Nili Shah, Business Law in Africa, will require the The IFRS Foundation was highly rated who joined us in 2017, and a new use of IFRS Standards from 2019. Adding for transparency, independence and Executive Director, Lee White, who joined Papua New Guinea, the total number professionalism. The research did identify in April 2018. of jurisdictions requiring the use of some areas for improvement and in Thank you IFRS Standards is now 144. response we have developed an action As this should be my last report, I would Adding the further 13 jurisdictions plan that will focus on balancing our like to thank our funding providers, where IFRS Standards are permitted stakeholder engagement and improving my fellow Trustees, Hans Hoogervorst and increasingly used (eg Japan), brings the timeliness of our work. This, and and the other members of the Board, the use of IFRS Standards to 95% of starting the review of our Due Process the IFRS Advisory Council and various the 166 jurisdictions we have assessed. Handbook as well as reviewing the committees, and all the excellent staff The US recognises IFRS Standards for Accounting Standards Advisory Forum, for the remarkable achievements of this foreign registrants and China and India will be focus areas in 2018. wonderful organisation that I have been have standards that are substantially Second, in 2017 we achieved our goal proud to serve for more than six years. aligned with our Standards. All this means of having available financial reserves that the objective set by the International in excess of one year’s expenditure. Organization of Securities Commissions in Our income increased in 2017 due to 2000 has nearly been achieved. foreign exchange gains, a temporary decrease in staff expenditure and an increase in revenue from publications Michel Prada 4 and related activities. ANNUAL REPORT 2017 Raising the bar Report of the Chair of the International Accounting Standards Board Better Communication The International We made good progress on our work Accounting Standards under the theme of Better Communication in Financial Reporting in 2017. Board has been working We published several documents to to raise the bar for support our stakeholders: a Practice financial reporting Statement on making materiality judgements and a case-study report worldwide since 2001. encouraging companies to initiate disclosure improvement projects. In addition, we published a Discussion Throughout 2018, we will advance our Paper on the wider principles of work under the Better Communication disclosure. banner, including our work related to performance reporting in the primary Developing the IFRS Taxonomy, which financial statements. We will also 2017 highlights enables digital reporting of IFRS financial look at the impact of technological statements, is another aspect of our work developments on the reporting and The International Accounting Standards on Better Communication. In 2017 the consumption of financial information. Board has been working to raise the bar for US Securities and Exchange Commission financial reporting worldwide since 2001. decided to require foreign companies In 2018 we will publish public In 2017, we raised that bar even higher: listed in the US that use IFRS Standards consultation documents to advance our we issued a new Standard for insurance to use our Taxonomy. The European projects on Goodwill and Impairment contracts, IFRS 17. This is the first proper Securities and Markets Authority moved in and Financial Instruments with international accounting standard a similar direction by proposing to require Characteristics of Equity. for insurance contracts. It will bring use of our Taxonomy
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