IFAC 2008 annual report - IBR

FINANCIAL STATEMENTS
INTERNATIONAL FEDERATION OF ACCOUNTANTS
Notes to the Financial Statements
For the year ended December 31, 2008
Amounts in US Dollars
1. International Federation of Accountants
The mission statement of IFAC is:
To serve the public interest, IFAC will continue to strengthen the accountancy profession worldwide and contribute to
the development of strong international economies by establishing and promoting adherence to high-quality
professional standards, furthering the international convergence of such standards, and speaking out on public interest
issues where the profession’s expertise is most relevant.
IFAC is registered in Geneva, Switzerland under Articles 60 through 79 of the Swiss Civil Code. IFAC’s primary base
of operation is New York, United States of America.
2. External Funding
During 2008, IFAC received external funding of $ 744,375 for the activities of the International Public Sector
Accounting Standards Board (2007: $ 820,217) (refer to Note 14), and of $ 225,000 for the initiatives of the Developing
Nations Committee (2007: $ 40,000).
In the case of the Developing Nations Committee, $ 150,000 was received from a member organization for the Africa
Focus Group initiative; and $ 50,000 from the six largest accounting networks and $ 25,000 from a company in Brazil
for the Conference on Accounting and Accountability for Regional Economic Growth in Latin America and the
Caribbean (CReCER).
(During 2007, the funding support provided to the Public Interest Oversight Board (PIOB) by the World Bank and
the United States Federal Reserve Board of $ 90,000 was provided to IFAC expressly for the operation of the PIOB
(refer to Note 4).)
The Statement of Accounting Policies and the accompanying notes form part of the financial statements.
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