The International Financial Reporting Standards Foundation published its annual report and audited financial statements for the year ended 31 December 2025, covering financial performance, progress in delivering its standard-setting mission through the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB), and priorities for 2026, alongside an update on its organisational transformation programme. Total comprehensive income was GBP 1.3 million, increasing reserves to GBP 49.2 million, reflecting the impact of the cost-reduction programme, ongoing cost management and several one-off factors including the timing of some jurisdictional contributions and lower-than-expected spending on technology projects and recruitment that has been deferred to 2026. The report also adds a breakdown of expenses by board. On technical delivery, the IASB issued revised versions of the IFRS for SMEs Accounting Standard and Practice Statement 1 Management Commentary, published new guidance on disclosing uncertainties in the financial statements and hyperinflationary translation, and consulted on a new risk mitigation accounting model. The ISSB supported jurisdictions adopting and using IFRS Sustainability Disclosure Standards, clarified aspects of IFRS S2 Climate-related Disclosures, continued enhancing the SASB Standards, and progressed research projects on Human Capital and Nature-related Disclosures; the report notes that IASB and ISSB standards complement each other but need not be applied together. The Trustees plan to oversee the transformation programme in 2026 and beyond, with initiatives including organisational restructuring, a cost review to reduce staff and governance costs, strengthened income-generation efforts and initial work to refresh the Foundation’s medium- to long-term strategy, alongside continued engagement with jurisdictions on contributions to the costs of developing IFRS Standards.

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