Funding
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As the demands on and expectations for the IASC Foundation and the IASB continue to grow, the need to develop a sustainable funding model for the organisation becomes more apparent .
The IASC Foundation set four principles for a funding system in 2008 and beyond. These four principles are:
- Broad-based: A sustainable long-term financing system must expand the base of support to include major participants in the world’s capital markets, including official institutions, in order to ensure diversification of sources.
- Compelling: A system must carry with it enough pressure to make free riding very difficult. This could be accomplished through a variety of means, including official support from the relevant regulatory authorities and formal approval by the collecting organisations.
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Financial support
- Should your organisation wish to provide financial support towards the undertaking of the IASC Foundation and the work of the IASB, please contact:
Thomas Seidenstein
Director of Operations
IASC Foundation
30 Cannon Street, 1st Floor
London EC4M 6XH
United Kingdom
Tel: +44(0)20 7246 6450
Fax:+44(0)20 7246 6411
Email: tseidenstein@iasb.org
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- Open-ended: The financial commitments should be open-ended and not contingent on any particular action that would infringe on the independence of the IASC Foundation and the IASB. This should include sustained support from official international organisations, central banks and the major accounting firms.
- Country-specific: The funding burden should be shared by the major economies of the world on a proportionate basis, using GDP as the key determining factor of measurement. Each country should meet its designated target in a manner consistent with the principles above. Trustees should be assigned to specific countries to assist in the development of the funding scheme.
Beginning in 2008, the Trustees have succeeded in establishing national funding regimes consistent with the principles above in a number of countries.
Based upon existing commitments, the Trustees estimate that nearly £13.7 million of the £16 million has been raised. The expanding funding regime now includes the participation of thousands of market participants.
An overview of 2008 funding commitments is available here. For a list of financial supporters and country donations in 2007, please refer to our 2007 Annual Report (pages 54-58).