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Accounting and Auditing Research and Databases: Practitioner's Desk Reference by Thomas C. Pearson, Natalie Tatiana Churyk, Thomas R. Weirich

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IFRS Funding, Regulation, and Enforcement

Long-term funding commitments to the IFRS Foundation and the IASB from over 30 countries and/or organizations are shown on the IASB website. The Foundation's goal is to have broad-based funding that is open-ended (no strings attached), compelling (shared by all), and country-specific (measurement based on GDP). As of 2012, a majority of the Foundation's funding is voluntary. However, levy systems and regulatory contributions have been introduced in various countries. Presently, the most significant sources of funding include: 48 percent from publicly sponsored/nationally administered financing regimes, 26 percent from international accounting firms, and 15.5 percent through publications and related activities.

The IASB and the IOSCO have agreed to a list of necessary accounting issues to address in a core set of international accounting standards for use in cross-border offerings and multiple listings. Ideally, establishing a core set of international accounting standards should reduce the costs of doing business and help companies raise capital across borders, streamline internal accounting and auditing functions for multinational companies, increase the efficiency of market regulations, and decrease the costs of international financial statement analysis and investment.

The SEC has expressed three conditions for accepting international accounting standards for all public companies:

1. IASB standards should include a core set of accounting ...

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