Global Accounting Body Advisers Eye Banning Non-Paying Countries

Countries that haven’t supported the international accounting standard setter financially should be barred from using its rules, members of a strategic advisory body said Wednesday.

The comments were made in a summary of IFRS Advisory Council discussions of how to fix the standard setter’s finances. The IFRS Foundation is the parent organization of both the International Accounting Standards Board and the newer International Sustainability Standards Board, and is funded through voluntary contributions from governments and private sector companies.

The foundation is losing money annually and over the next year faces the end of seed funding for ISSB, established in 2021. ...