Accounting, ESG Disclosure Body Eyes Cost Cuts as Donations Dip

The body that runs global standard-setters for financial and sustainability reporting has launched a cost-cutting and fundraising drive after announcing a budget shortfall for 2024.

The International Financial Reporting Standards Foundation lost £1.6 million ($2.1 million) before taxes in the year through Dec. 31, after making a £1.2 million surplus the previous year, according to its latest annual report. The IFRS Foundation blamed the loss on technology costs and a reduction in revenue, most of which comes from donations by government and private sector bodies globally. These donations fell by about £1 million from 2023 to 2024.

The foundation ...