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The annual IFRS Foundation’s financial report for 2011 holds the answer to that question. 20% of all proceeds are attributed to the body’s own income (selling of subscription and other related services). The remaining 80% are contributions by interested parties and counties. So who pays the most?
Except for the European Union as a whole, the most “generous” donors are international audit associations: almost 1/3 of all proceeds in total. In 2011 the “Big Four” provided the largest part: 2.25 million dollars from each of the companies.
The remaining contributions come from separate countries. The main ones are European countries, Japan and the USA. Interestingly, the richest country – the United States of America – provides very limited financial support for the international development of IFRS standards. Its share among all donations is only 8%.
Russia is not among sponsoring counties at all, although the IFRS Foundation counts on its support. Possibly, the situation will change with official endorsement of IFRS in Russia, although there are no plans for any Russia’s donations for 2012.
Among other CIS countries Kazakhstan is probably the most “advanced” if IFRS application is concerned. Last year it donated 6001 pounds – that’s 10 times less than Nigeria, although is it very similar to donations of Ireland and Bulgaria.
The whole report may be accessed here. An interesting fact: its audit was performed not by any “Big Four” company, but by BDO (which is also a donor – last year it gave 150 thousand dollars).
Original source: Audit-it
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