Approved By the IFAC Board on February 28, 2019 ...

Approved By the IFAC Board on February 28, 2019

International Federation of Accountants?

2018 Financial Statements

This document was approved by the Board of the International Federation of Accountants? (IFAC?). IFAC's Purpose IFAC, with its member organizations, serves the public interest by enhancing the relevance, reputation, and value of the global accountancy profession. IFAC's Purpose and public interest focus are achieved through three Strategic Objectives: Contributing to and promoting the development, adoption, and implementation of high-quality

international standards; Preparing a future-ready profession; and Speaking out as the voice for the global profession.

Copyright ? March 2019 by the International Federation of Accountants? (IFAC?). For copyright, trademark, and permissions information, please see page 32.

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2018 FINANCIAL STATEMENTS

CONTENTS

Statement of Financial Performance..................................................................................... Statement of Changes in Net Assets/Equity ......................................................................... Statement of Financial Position............................................................................................. Statement of Cash Flows ...................................................................................................... Statement of Accounting Policies ......................................................................................... Notes to the Financial Statements ........................................................................................ Independent Auditor's Report ...............................................................................................

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12 29

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IFAC 2018 FINANCIAL STATEMENTS

Statement of Financial Performance

For the year ended December 31, 2018

Amounts in U.S. Dollars Revenue From exchange transactions: Membership dues, net Forum of Firms Foreign exchange gains Publications Royalties and licensing Interest income Other revenue From non-exchange transactions:

DFID grant Other Total revenue

Note 15 13

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2018

$20,680,500 12,221,043 110,885 25,553 282,344 46,995 248,009

1,418,788 785,148

$35,819,265

Expenses Employee costs Consultants Travel and meeting costs Occupancy and maintenance Funding provided to the Public Interest Oversight Board Depreciation and amortization IT support Legal and other professional fees Recruitment and relocation costs Foreign exchange loss Communications and publicity Telephone Auditor remuneration

Audit of financial statements Tax and other services Printing, distribution and postage Insurance Bad debt expense Other expenses Total expenses Surplus (Deficit) for the year

4, 12 5

2 7

13

$19,006,594 4,116,290 5,792,777 1,297,956 1,167,626 562,563 709,112 354,582 596,933 466,509 1,037,876 189,957

98,471 56,415 66,990 147,216 28,950 395,894 $36,092,711 ($273,446)

See accompanying notes to financial statements.

2017

$20,225,000 12,256,930 552,921 105,633 318,287 42,336 42,253

1,019,927 559,699

$35,122,986

$17,824,946 3,148,098 4,878,005 1,296,782 1,093,782 533,484 642,267 212,897 518,568 259,182 1,038,442 176,616

165,952 69,108

122,898 154,203

2,378 386,530 $32,524,138 $2,598,848

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IFAC 2018 FINANCIAL STATEMENTS

Statement of Changes in Net Assets/Equity

For the year ended December 31, 2018

Amounts in U.S. Dollars

Net assets/equity at beginning of year

Accumulated surpluses

Surplus (deficit) for the year

Gain (Loss) on re-measurement of defined benefit obligation

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Net assets/equity at end of year

2018

9,831,185 (273,446) 781,714

10,339,453

2017

7,577,276 2,598,848

(344,939) 9,831,185

See accompanying notes to financial statements.

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