International Financial Reporting Standards Foundation

“The data for each section of the 990 is completed by qualified employees. The finance manager reviews all data. The completed form and supporting documentation are reviewed by senior management. The 990 is reviewed by one trustee on behalf of the Audit and Finance Committee. The Audit and Finance Committee then approve the 990 and recommend it for approval by the full Trustees. The form is then made available to all trustees to view. External tax professionals provide technical advice for compliance and accuracy and also provide electronic filing services. The completed 990 is sent to the Trustees for final review prior to submission.”

“The Trustees develop rules and procedures to ensure that the IASB is, and is seen to be, independent. The Foundation's written conflict of interest policy is available on its website. Trustees complete a declaration of interest when they are appointed and then an annual declaration each year. The surveys are reviewed by the Secretary of the Trustees. The policy also requires Trustees, IASB members and staff directors to notify any changes during the year, within at least fourteen (14) days of becoming aware of any changes. Any potential conflicts of interest are referred to the executive committee consisting of Trustees. There were no items noted that required action. The Secretary of the Trustees maintains the register of interests.”

“Compensation at the IFRS Foundation is reviewed by the Human Capital Committee, members of which are drawn from the Trustees of the organization whose role is solely governance related. These Trustees have all held senior positions in government, public regulators, business, the accountancy profession, or academia and therefore bring high level independent, relevant industry experience. As part of the annual review cycle, the Committee meets during the year and discusses prevailing trends on compensation and remuneration. They reference relevant indices such as the UK Consumer Price Index and inflation tables, together with trends in similar organisations. In addition, an independent global specialist remuneration consultancy firm is used to conduct detailed benchmarking of pay levels for each role within the Foundation, including all senior positions, against a large database of employers. Recommendations by managers are subject to detailed reviews. Once the Committee has reviewed all relevant data, they will put forward a recommendation to the full Trustee group for approval. This process is followed for all employees of the organization, including the compensation for the IASB Chairman, Vice Chairman and Board members, as well as the Executive Director.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public through its website, www.ifrs.org.”

“UK Telephone number The full UK international telephone number is +44 (0)20 7246 6410. The number is abbreviated for electronic filing purposes on FORM 990, item E and Part VI, Section C, line 20, respectively, as (207)246-6410 and 20 7246 6410.”

“The International Financial Reporting Standards Foundation has two major operating programs, which work towards the goal of producing and promulgating a single set of high quality, universally applied, and broadly accepted accounting standards. These are: 1) International Accounting Standards Board and its technical activities, and; 2) Content Services, Education and related activities. The objectives of the IFRS Foundation are: (a) to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRS) through its standard-setting body, The 'International Accounting Standards Board' (the IASB); (b) to promote the use and rigorous application of those standards; (c) to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and (d) to promote and facilitate adoption of IFRS, being the standards and interpretations issued by the IASB, through the convergence of national accounting standards and IFRS.”

“The Foundation had an average of 136 employees. 3 employees are US based and the remaining are non US based and included on Schedule F, Part I, Line 3c. Also included in the numbers in Schedule F, Part I, Line 3c are 3 independent contractors. Of the 6 employees receiving W2s reported on Parts I and IV of form 990, 3 are US based.”

“(continued from page 2.) The operational staff are responsible for the oversight, administration, support and management of finances to carry out the objectives of the organisation. The IASB is responsible for the development and publication of IFRS, including the IFRS for SMEs and for approving Interpretations of IFRS as developed by the IFRS Interpretations Committee. All decision making meetings of the IASB are held in public and webcast. The principal objective of the IFRS Foundation and the IASB is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. In pursuit of this goal of developing standards, the IASB works in close cooperation with stakeholders from around the world, including investors, national standard-setters, regulators, auditors, academics, and others who have an interest in the development of high-quality global standards. The IASB develops its work programme through regular public agenda consultations and seeks formal input on the strategic direction and overall balance of its work plan. To the extent that the related accounting requirements of IFRS could have major implications for organisational costs and systems, the IASB also recognises that it must obtain robust input from its stakeholders. The IASB works in close co-operation with stakeholders from around the world, including investors, national standard-setters, regulators, auditors, academics, and others who have an interest in the development of high-quality global standards. While the IASB has a published work programme, the issuing of final Standards will be affected by the quantity and diversity of comments and specific feedback received on Exposure Drafts and Discussion Papers. It is also possible that specific interest groups or jurisdictions may raise additional issues that require further time to investigate and resolve. The timing of final Standards is therefore not completely within the control of the IASB; this can affect the costs of producing IFRS. The IFRS Foundation and the IASB provide public accountability through the transparency of their work, the consultation with the full range of interested parties in the standard-setting process, and their formal accountability links to the public. Public accountability is provided through the due process procedures which are published on the Foundation's website. Public accountability, ensured by the organization's constitution and governance arrangements, is vital to the organization's success. The IFRS Foundation's Trustees seek to ensure that appropriate governance arrangements are in place and observed by all parts of the organization. The following are some of the achievements of the IFRS Foundation in 2014: In 2014 the IASB issued the updated Standard IFRS 9 - Financial Instruments and the updated Standard IFRS 15 - Revenue from Contracts with Customers. IFRS 9 addresses issues that were raised during the financial crisis and resolves them. Several major amendments were also completed including Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41), Equity Method in Separate Financial Statements (Amendments to IAS 27) and Disclosure Initiative (Amendments to IAS 1). In June 2014 the IASB began publishing an investor information advisory, The IASB Investor Update, that aims to make it easy for investors to stay informed about changes in IFRS that may affect their analysis of financial performance. Subsequently in December 2014, the IASB launched an Investors in Financial Reporting programme. The goal of the programme is to increase dialogue with the buy-side community, to ensure that IFRS continues to meet the information needs of investors globally. In July 2014, the IFRS Foundation published its first edition of IFRS as Global Standards: a pocket guide. The book provides a summary of the use of IFRS in each of 130 countries and other jurisdiction”

“(continued from page 2.) - The creation of an IFRS Taxonomy for IFRS and the IFRS for SMEs to facilitate the electronic use, exchange and comparability of financial data prepared in accordance with IFRS. - The protection of the IFRS brand and the support of adoption through addressing translation and copyright issues and contributing to the financing of the organisation through the provision of publication services. In 2014 the Foundation upgraded its online materials to enhance the service offered to subscribers.”

“Fair Value Adjustment - 813,877 Exchange differences on translation - 1,537,440 ------------- Total to Form 990, Part XI, Line 9 - 2,351,317”

“There have been no changes during the year in the process for oversight of the audit of the financial statements.”