The principal rates of exchange against the Swiss Franc are shown below:
(d) Basis of consolidation The financial statements of the IFRC are consolidated to include the International Federation of Red Cross and Red
Crescent societies at the United Nations, Inc. (IFRC at the UN Inc.), as well as the activities of the Geneva Secretariat
and all IFRC delegations.
IFRC at the UN Inc. is a wholly-owned subsidiary of the IFRC. The IFRC controls the IFRC at the UN Inc. by virtue of
having power over the entity, which gives the IFRC the ability to affect returns from the entity. The assessment of the
IFRC’s control over the IFRC at the UN Inc. includes an examination of all facts and circumstances. Transactions between
the IFRC at the UN Inc. and the IFRC and the balances at reporting date are eliminated when the consolidated financial
statements are prepared. The IFRC at the UN Inc.’s accounting policies are consistent with those adopted by the IFRC.
During the year ended 31 December 2022, the IFRC had interests in the following hosted programmes under joint
arrangements, where the activities of the programmes are in accordance with the IFRC’s principal activities:
•
Global Road Safety Partnership;
•
National Society Investment Alliance;
•
Steering Committee Human Response;
•
Reunification Pathways for IntegRation (REPAIR) Consortium; and
•
Risk-informed Early Action Partnership
The IFRC determines these joint arrangements as joint operations and accounts for its interests by recognising and
measuring the assets and liabilities and related revenues and expenses as its proportional interest in the joint operations.
The joint operations’ accounting policies are consistent with those adopted by the IFRC.
1.3 Critical accounting estimates and judgements Preparation of the consolidated financial statements requires the use of judgements, estimates and assumptions that affect
the application of IFRC`s accounting policies, the recognition and reported amounts of assets, liabilities, revenues, and
expenses. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis.
Revisions to estimates are recognised prospectively.
