The Only Specialized Global Intellectual Property News Agency
A Member of Talal Abu-Ghazaleh Global

ICANN Publishes FY23 Annual Report and Audited Financial Statements

04-Oct-2023 | Source : The Internet Corporation for Assigned Names and Numbers (ICANN) | Visits : 1282

LOS ANGELES - The Internet Corporation for Assigned Names and Numbers (ICANN) has published its Annual Report for Fiscal Year 2023 (FY23), which ended 30 June 2023, and its audited consolidated financial statements. ICANN also published the FY23 audited financial statements for its Public Technical Identifiers (PTI) affiliate, according to the official website of the Corporation. 

The Annual Report describes ICANN's progress toward its Bylaws obligations and Strategic Plan objectives. The ICANN Bylaws indicate that the Annual Report and audited financials must be published no later than 120 days after the end of the fiscal year. ICANN is pleased to share these results well ahead of the 28 October deadline.

The FY23 Annual Report also includes an update on the state of ICANN's accountability and transparency reviews, and an overview of ICANN's work to promote diversity and inclusion.
The ICANN and PTI Bylaws each require the annual publication of audited financial statements. The FY23 audited financial statements are accompanied by an "unqualified" opinion from the independent audit firm Moss Adams LLP, indicating that the audit did not identify any issues.

FY23 Financial Highlights

ICANN's financial position remained strong in FY23, with the funding in line with the prior year. ICANN's total expenses increased, driven by the resumption of in-person events and travel and the start of work to launch the New Generic Top-Level Domain (gTLD) Program: Next Round. ICANN increased staffing levels to support this new work, resulting in a total head count of 442 at the end of FY23, up from 412 the year prior.

Funds Under Management, which includes all cash on hand and investments, totaled US$518 million at the end of FY23, an increase of US$12 million from the beginning of the fiscal year. The balance increase is primarily due to investment increases and operating excess, which was partially offset by operating expenses for the New gTLD Program.

ICANN and PTI financial statements are regulated by the U.S. generally accepted accounting principles. A new U.S. accounting standard, ASC 842, went into effect in FY23 and requires that all leases longer than 12 months be reflected on the balance sheet. As a result, ICANN's financial statements reflect a net amount of US$36 million, which represents the value of the office space that the organization is leasing.


Related Articles