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2018 Annual Report

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2018 Annual Report Contents 2018 at a glance 3 Reports Report from the Chair of the IFRS Foundation Trustees 4 Report from the Chair of the International Accounting Standards Board 5 Report from the Chair of the IFRS Foundation Monitoring Board 6 Our organisation Our objectives 7 Our mission statement 8 How we work 9 How we engage 10 Our people 11 Members of the International Accounting Standards Board 13 Performance and priorities 2018 performance 14 2019 priorities 16 Governance Our structure 17 Trustees of the IFRS Foundation 18 Risks and how we mitigate them 21 Financials Introduction to the financial statements 22 Independent auditor’s report to the Trustees of the IFRS Foundation 24 Financial statements and notes 26 Appendices Appendix 1—Financial supporters 38 Appendix 2—IFRS Advisory Council members 42 Appendix 3—IFRS Interpretations Committee members 44 Appendix 4—IFRS Foundation Monitoring Board members 45 The IFRS Foundation is a not-for-profit The responsibility for governance and organisation established to develop a oversight of the Board lies with the IFRS About us single set of high-quality, understandable, Foundation Trustees, who in turn are enforceable and globally accepted accountable to a Monitoring Board of accounting standards—IFRS Standards— public authorities. and to promote and facilitate their adoption. The Foundation is headquartered in London, United Kingdom, and has IFRS Standards are set by the Foundation’s a regional Asia-Oceania office in standard-setting body, the International Tokyo, Japan. Accounting Standards Board. This report covers the financial year ended 31 December 2018 and was published in May 2019. An inline XBRL version of the financial statements can be found in the annual report section of our website: www.ifrs.org/about-us/who-we-are. 2018 at a glance Reports Our organisation Performance and priorities Governance Financials Appendices Established a new consultative group to inform the Board’s Management Welcomed Erkki Liikanen Issued the revised Commentary project as Chair of the IFRS Conceptual Framework Foundation Trustees, for Financial Reporting succeeding Michel Prada Enhanced the quality Addressed more than of our Standards by 20 application questions issuing amendments from stakeholders to IAS 1/IAS 8, through the IFRS IAS 19 and IFRS 3 Interpretations Committee Engaged with standard-setters from Relocated to new 65 jurisdictions at premises in Canary the World Standard- Wharf, London 2018 setters Conference at a glance IFRS 17 TRG Produced 40 podcasts, Held three meetings of webcasts and videos the IFRS 17 Transition to help stakeholders Resource Group to engage with our work support implementation of the new insurance contracts Standard Strengthened our Published a discussion leadership team with paper on financial Lee White joining as Sought feedback instruments with Executive Director from stakeholders on characteristics of equity improvements to our Standards through the publication of 23 consultations IFRS Foundation Annual Report 2018 | 3 2018 at a glance Reports Our organisation Performance and priorities Governance Financials Appendices Working towards a common goal Report from the Chair of the IFRS Foundation Trustees 2018 achievements Third, we will further invest in our people, ensuring the Foundation continues to This annual report describes the be an attractive destination for talented achievements of the Foundation and the people. We will support their career Board in 2018. I would like to highlight development and help them to maximise the office relocation to the Canary Wharf their contribution to the organisation. district of London, a major undertaking This annual report showcases the for the staff, after more than 15 years in important role our staff play in supporting the City of London. I commend them for international collaboration: they develop delivering a well-run relocation project. proposals for public comment and The new premises have been designed facilitate stakeholder engagement; they from the ground up as a centre for also implement technology to underpin collaboration, benefitting from meeting that collaboration. The Trustees recently spaces and use of advanced technology commissioned an Employee Engagement to support multi-party video conferencing Survey to provide an independent This is my first report since being and modern working practices. benchmark for our people-focused work, appointed as Chair of the IFRS Foundation and the positive feedback from that Trustees in October 2018. I begin by 2019 and beyond exercise provides a good base on which thanking my predecessor Michel Prada to build. for his excellent work and contribution Coming into 2019, the Trustees have during his time as Chair. I look forward begun to focus their thinking on the Thank you to working with my fellow Trustees, longer-term opportunities and challenges Chair of the International Accounting for the Foundation. I would like to thank my fellow Trustees, Standards Board Hans Hoogervorst and the members of the Board, our staff, First, we will start the preparatory work the other Board members, as well as the our financial supporters and the many for the next Trustees’ Constitution IFRS Foundation staff, in delivering our other people and organisations around review, due to begin in 2020. A changing important public interest mission. the world who have contributed to our geopolitical environment, the impact success during 2018. of technology on the consumption of Collaboration financial information and growing interest In this year’s annual report we focus on in non-financial reporting require the collaboration. It has been evident to me in Trustees to consider how to maintain these first few months that collaboration relevance in this changing world. is at the heart of what this organisation Erkki Liikanen Second, we will begin a multi-year does. The ‘IFRS model’ provides the digital transformation project that seeks mechanism by which participants from to make the best use of technology in around the world, in both the private delivering value to stakeholders around and public sectors, contribute towards the world. This project will involve a a shared goal of high-quality, globally period of sustained investment both accepted accounting standards. I recall in the technology and in business the importance of this collaborative processes that underpin our work, as approach in 2002, as a European well as in rethinking the digital services Commissioner, when the European Union and experience we intend to offer in the decided to adopt IFRS Standards, and coming years. more recently during meetings with our stakeholders in Africa, the Americas, Asia and Europe. 4 2018 at a glance Reports Our organisation Performance and priorities Governance Financials Appendices Collaborating for quality Report from the Chair of the International Accounting Standards Board Another important technical development The year ahead in 2018 was the publication of the revised Conceptual Framework for Financial In addition to advancing the projects Reporting. Primarily a tool to help the already mentioned, the Board will seek Board develop Standards based on stakeholders’ views on several other consistent concepts, it is also a useful projects in 2019. document for companies, investors and In response to requests from the G20, others involved in financial reporting. regulators are preparing to replace the In June 2018, we published a discussion widely used interbank offered rate (IBOR), paper that considered improvements prompting a Board research project in in classifying financial instruments as 2018 to look at possible effects of IBOR liabilities or equity. This consultation reform on financial reporting. The Board document explored clarifying principles has begun a standard-setting project and for addressing complexity and diversity plans to issue amendments to the new We have made substantial progress in practice as well as enhanced and old financial instruments Standards, on projects in our work plan in 2018, requirements for presentation and IFRS 9 and IAS 39, by the end of the year. supported by effective collaboration disclosure. We have conducted outreach Two other important consultation among our staff members and with meetings with stakeholders and received documents we plan to publish in 2019 our stakeholders. more than 100 comment letters, which are on accounting for goodwill and on we are currently analysing to determine rate-regulated activities. In addition, the next steps for the project. Looking at 2018 we will continue supporting consistent Our efforts to support the implementation We have made significant progress application of our Standards, working of IFRS 17, the new insurance contracts on the portfolio of projects under closely with the IFRS Interpretations Standard issued in 2017, rank among our our overarching theme, Better Committee. We will also commence most important work in 2018. We have Communication in Financial Reporting: a review of the IFRS for SMEs® Standard, sought to understand concerns companies Primary Financial Statements, the our requirements aimed at companies may have in implementing the Standard; Disclosure Initiative, Management that are not listed on a stock exchange. towards the end of the year, the Board Commentary and the IFRS Taxonomy. started discussing potential targeted These projects are designed to make Thank you changes that could ease the burden financial information more useful to I would like to thank my fellow Board of moving to IFRS 17.
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