International Financial Reporting Standards Foundation

“The data for each section of the 990 is completed by qualified employees. The Head of Finance reviews all data. The completed form and supporting documentation are reviewed by senior management, and a member of the Trustees Audit & Finance Committee. External tax professionals provide technical advice for compliance and accuracy and also provide electronic filing services. The completed 990 is provided to the Trustees for final review prior to submission.”

“The trustees develop rules and procedures to ensure that the board 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 declarations 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 in 2015 that required action.”

“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 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 (the Board) and its technical activities, and; 2) Content Services, Education and related activities. The objectives of the Foundation are: (a) to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRS Standards) through its standard-setting body, the Board; (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 Standards, being the standards and interpretations issued by the Board, through the convergence of national accounting standards and IFRS Standards.”

“The Foundation had an average of 139 employees. 2 employees are US based and the remaining are non US based and included on Schedule F Part 1 3c. Of the 6 employees receiving W2s reported on Parts I and IV of form 990, 2 are US based.”

“(continued from page 2.) The Foundations work serves the public interest by fostering trust, growth and long-term financial stability in the global economy. The standard-setting body within the Foundation is the Board, responsible for developing and promoting the use and rigorous application of these Standards. The Board currently consists of up to 16 members, selected on the basis of their professional competence and practical experience, and drawn from a variety of backgrounds, including users, preparers, standard setters and auditors. The Board is supported by: * the IFRS Advisory Council, the formal external advisory body to the Board and Trustees, consisting of a wide range of representatives from groups that are affected by and interested in the Foundation's work; * the IFRS Interpretations Committee, consisting of members drawn from a variety of countries and professional backgrounds; * the Accounting Standards Advisory Forum, consisting of a broad geographical representation of national and regional accounting standard-setting bodies; and * the Boards technical staff conducting: research, development and other technical accounting activities, a thorough due process, extensive engagement with stakeholders and collaborative outreach with the worldwide investor and business community. Standards are developed through an international consultation process, the "due process", which involves interested individuals and organisations from around the world. The Board develops its work programme through regular public agenda consultations seeking formal input on the strategic direction and overall balance of its work plan. To the extent that the related accounting requirements of the Standards could have major implications for the form and content of information provided to investors and for organisational costs and systems to produce that information, the Board also recognises that it must obtain robust input from its stakeholders. The Board works in close co-operation with stakeholders from around the world, including investors, national standard-setters, regulators, preparers, auditors, academics, and others who have an interest in the development of high-quality global standards. The Foundations operational staff participate with the technical staff in coordinating a comprehensive programme of support and outreach activities, all designed to enable others to better understand and comment on the principles proposed. The technical work programme is the suite of projects that the Board and its Interpretations Committee manage. The technical work programme focuses on projects and activities that are steps toward possible publications by the Board, including Research and Discussion Papers, Requests for Information, results of Post-Implementation Reviews, Exposure Drafts, Standards, Draft Interpretations and Final Interpretations. The technical work programme is updated regularly and is available on the Foundations website, which also includes estimates of project time lines reflecting recent Board decisions. While the Board has a published work programme, the issuing of final IFRS 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 IFRS Standards is therefore not completely within the control of the Board; this can affect the costs of producing IFRS Standards. The Foundation and the Board 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, ensured by the organizations constitution and governance arrangements, is vital to the organizations success. The Foundation's Trustees seek to ensure that a”

“(continued from page 2.) The team contributes to the mission and financing of the organisation through the provision of publication services. * Advising national authorities on the IFRS adoption and convergence process The Translations, Adoption and Copyright Team, liaises with the relevant national legal authority, to support and enable national adoption of IFRS Standards. The team aims to support this complex process while maintaining consistency with the Foundations international policies. * Directing IFRS translation activities IFRS Standards are translated into more than 40 languages worldwide. Any translation of the Standards must be consistent and preserve the integrity of the original meaning in a non-English language; the team facilitates this by providing advice to translating jurisdictions and by monitoring the various review committees. * Sales and licensing of Foundation material The Foundations Web Shop is the main sales tool for IFRS books, subscriptions and other products. Numerous publishers and other industry organisations seek to sell IFRS content. In order to protect the IFRS brand, Content Services staff license the use of IFRS materials, in conformity with the Foundations licensing policies. * Education Initiative The objective of the education initiative is to reinforce the Foundations goal of promoting the adoption and consistent application of a single set of high-quality international accounting standards. The education initiative develops comprehensive teaching and study materials. Worldwide workshops and conferences are also conducted. * IFRS Taxonomy The IFRS Taxonomy is the XBRL representation of IFRS Standards that seeks to address the demand for an electronic standard to transmit financial information. Updates contain additional taxonomy concepts that reflect new Standards and amendments to Standards issued by the Board, thereby allowing entities to report electronically using the latest Standards without the need for these entities to create their own taxonomy concepts.”

“Fair Value Adjustment -1,625,369 Exchange differences on translation -1,464,405 Total to PART XI, LINE 9 -3,089,774”

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