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Budget and financing

Date recorded:

Aki Fujinuma (IFRSF Interim Co-Chair) outlined that the IFRS Foundation was expecting to have a balanced budget in 2011 and noted new funding from Nigeria, Brazil and Korea. However, the ultimate independent funding regime was not yet in place.

M. Barnier expressed frustration that the Monitoring Board always had to come back to this issue, noting that the European Commission and the IFRS Foundation had signed a grant agreement for €4,250K for 2011, with similar amounts in 2012 and 2013. With additional voluntary contributions from other EU Member States, Europe’s contributions exceed what was expected. He suggested that there be a link between Monitoring Board membership and financial support for the Foundation.

The public session of the Monitoring Board concluded.

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