IFRS Foundation may close London office

The IFRS Foundation, the governance and oversight body for the International Accounting Standards Board (IASB), is reviewing its options for relocating its London offices, and has not ruled out a move overseas

The Foundation’s lease on its current building at 30 Cannon Street is due to expire in September 2018, and it has issued a tender for estate agency services for help in acquiring a new property.

This states: ‘The IFRS Foundation may move to an alternative location, possibly overseas, but would prefer to remain in the UK, either within the City of London or its outskirts.’

The IFRS Foundation is looking for premises, on one floor, to a maximum of 21,000 sq/ft at a competitive market rate over the duration of the lease.

The IFRS Foundation is an independent, not-for-profit organisation incorporated in the State of Delaware, US, with its primary operations based in London, and has been registered as an overseas company, since 2001.  According to the tender request, it expects to shortlist estate agents to help with the move next month.

Commenting on the news, which comes at a time when there is increased speculation that key parts of the financial services sector may opt to leave the UK in the wake of the Brexit announcement, Stephen Haddrill, chief executive of the Financial Reporting Council (FRC), said: ‘The UK is the largest capital market to require the use of International Financial Reporting Standards (IFRS). It is the most powerful centre of accounting expertise outside the US.

‘Based in the UK, the IFRS Foundation has secured unique access to knowledge and experience, which has helped to ensure its international standards have kept in time with market developments.

‘A move overseas for the IFRS Foundation would be counter-productive. It is logical for the Foundation to remain in the UK.’

 

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