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 2016 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 IFRS Foundation are: (a) 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.These standards require high quality, transparent and comparable information in financial statements and other financial reporting to help investors, other participants in the world's capital markets and other users of financial information make economic decisions; (b) to promote the use and rigorous application of those standards; (c) in fulfilling the objective associated with (a) and (b), to take account of, as appropriate, the needs of a range of sizes and types of entities in diverse economic settings; (d) to promote and facilitate adoption of IFRS Standards.”

“The Foundation had an average of 137 employees. 1 employee is currently US based and the remaining are non US based and included on Schedule F Part 1 3c. Of the 4 employees receiving W2s reported on Parts I and IV of form 990, 2 were US based (1 employee is deceased).”

“(continued from page 2.) *IFRS Standards bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions. *IFRS Standards strengthen accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money.They provide information needed to hold management to account. As a source of globally comparable information, IFRS Standards are also of vital importance to regulators around the world. *IFRS Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. For businesses, the use of a single, trusted accounting language lowers the cost of capital and reduces international reporting costs.”

“(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 International Accounting Standards Board (the Board), responsible for developing and promoting the use and rigorous application of IFRS Standards. The Board currently consists of up to 14 members, selected on the basis of their professional competence and practical experience, and drawn from a variety of geographical and professional 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, the Boards interpretative body, whose remit it is to review implementation issues and develop authoritative guidance, 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 and other technical accounting activities, extensive engagement with stakeholders and collaborative outreach with the worldwide investor and business community. IFRS Standards are developed according to the "due process", which entails extensive consultation with 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 plan 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, IFRS Standards, Draft Interpretations and Final Interpretations. The technical work plan 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 plan, the issuing of final IFRS Standards will be affected by the quantity and diversity of comments and specific feedback received on Discussion Papers and Exposure Drafts. 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 also 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”

“(continued from above.) * The Foundation published the 2016 edition of IFRS as Global Standards: a Pocket Guide, containing 143 jurisdiction profiles. The Foundation is continuing to assess progress towards the goal of globally accepted accounting standards by developing individual jurisdiction profiles about the use of IFRS Standards. Currently, profiles are completed for 150 jurisdictions, including all of the G20 jurisdictions. Out of these, 126 jurisdictions require IFRS Standards for all or most domestic publicly accountable entities. It is estimated that US investors alone hold over $7 trillion of foreign securities issued by entities from IFRS jurisdictions. The majority of the Foundations funding is based on voluntary contributions from jurisdictions that have put in place national financing regimes. Contribution levels are targeted for the jurisdictions at amounts proportional to their Gross Domestic Product (GDP). While funding mechanisms differ, most jurisdictions have established either a levy on entities, or an element of publicly supported financing. In addition, the organisations other main sources of income are from publications, licensing its intellectual property and from contributions from international accounting firms. In 2017 the Foundation will continue to manage its operating expenditure prudently and effectively and will actively pursue further initiatives to enhance the organizations income. The 2017 financial Three-Year Plan does not envisage significant increases in the operating requirements of the organization. For more information on the development and progress of IFRS Standards, or the IASB work plan, time table and projects at various stages of completion, please see the "Projects" section of the Foundation's website www.ifrs.org.”

“(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 books, subscriptions and other products. Numerous publishers and other industry organisations seek to sell content. In order to protect the IFRS brand, Content Services staff license the use of 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 and amended IFRS Standards issued by the Board, thereby allowing entities to report electronically using the latest IFRS Standards without the need for these entities to create their own taxonomy concepts.”

“Exchange difference adjustment $-8,208,355”

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