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COMPILER’S NOTE
The Annual Report of the IFRS Foundation for 2025 carries the tagline “Fit for the future”. The same can be accessed at ifrs-foundation-annual-report-2025.pdf. The report contains very relevant and interesting information on the formulation of the IFRS and ISSB Standards, as well as details on the governance standards at the Foundation.
The Audit Report on the financial statements of the IFRS Foundation contains the following interesting Key Audit Matters and other risks, which are also graphically depicted in the report.
Extracts from Independent Auditor’s Report to the Trustees of the IFRS Foundation
(for the year ended 31st December 2025)
KEY AUDIT MATTERS (KAMS)
Key Audit Matters (KAMs) are those matters that, in our professional judgement, were of most significance in our audit of the group financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those that had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team.
