Accounting Rulemaker Set to Lose $6.5 Million, Needs New Funding

The body that sets global accounting and sustainability reporting rules is losing money and needs to rethink its funding, the head of its parent organization said Tuesday.

Michel Madelain, managing director of the IFRS Foundation, told a meeting of its advisory council that it stands to lose £5 million ($6.5 million) in fiscal year 2025, on top of the £1.6 million it lost the previous year. He has launched a cost-cutting program to stem the losses, and said the foundation needed to replace voluntary donations from government and private sources with stable, long-term funding arrangements agreed upon with national or ...