IFRS Foundation funding

The IFRS Foundation (Foundation) had an annual income of £30.1 million in 2020. Income comes from three main sources: voluntary contributions from jurisdictions around the world, voluntary contributions and license fees from international accounting firms and self-generated income from the sale of subscription services, publications and licensing of our intellectual property.

Voluntary contributions

The majority of the Foundation's funding is voluntary contributions from jurisdictions that have put in place national financing regimes. While funding mechanisms differ, most jurisdictions have established either a levy on companies or a system of publicly supported financing.

The contribution requested from a jurisdiction is normally a percentage of the total gross domestic product of all contributing jurisdictions using the most recent International Monetary Fund data.

The Trustees of the Foundation are responsible for the organisation's funding. They are grateful for the commitments made by the many jurisdictions, entities and organisations around the world in support of the Foundation's work. Here is a list of our 2020 funding providers.

The Foundation's Annual Report provides an overview of the past financial year's activities, achievements and results, as well as looking ahead to the next set of priorities.

Self-generated income

The Foundation’s licensing policy is independent of contributions. When using the Foundation’s materials, different jurisdictions require different amounts of the material and for different use (adoption, convergence, education).

Jurisdictions who pay a voluntary contribution also need to sign a license and pay the licensing fee if they want to publish IFRS Standards or base their local standards on IFRS Standards.

The annual fees for licenses, where IFRS Standards are used for adoption or convergence, were set low so as not to create a barrier to adoption. These fees are normally set in bands based on the jurisdictions’ GDP. Find out more information in our adoption and copyright section.

Other self-generated income comes from licensing our intellectual property for commercial use and from selling publications generated by the Foundation and the International Accounting Standards Board, as well as our subscription services. Find out more about our publications and subscriptions.

Funding in the future 

An appropriate financing regime for the Foundation is vital to ensure the independence of its standard-setting process. Such a regime must enable the Board members and Foundation staff to engage interested parties throughout the world in the shaping of financial reporting standards and to undertake all other related activities necessary to achieve the organisation's objectives.

The Trustees are continuing their work towards a global funding system with the following features:

• a long-term commitment by jurisdictions;
• public sponsorship (either direct or implicit governmental or regulatory support);
• flexibility;
• proportionally allocated contributions; and
• public accountability in the budget process.

These commitments ensure the independence of the Board, which enables the Foundation to:

• create and maintain high-quality IFRS Standards;
• consult inclusively and comprehensively with stakeholders globally; and
• support the worldwide adoption of IFRS Standards in other ways.

That independence enables the creation and maintenance of high-quality IFRS Standards through an inclusive, international consultation process, as well as all other activities undertaken by the organisation to advance the worldwide adoption of IFRS Standards