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FIFA, football’s global governing body, has reported a profit of US$89 million for 2012 after generating revenues of $1.16 billion last year.

FIFA, football’s global governing body, has reported a profit of US$89 million for 2012 after generating revenues of $1.16 billion last year.

The governing body reported reserves of $1.37 billion in the 2012 report, which covers the second year of a four-year financial cycle for the 2014 World Cup in Brazil. FIFA also announced yesterday that it had tightened its financial accounting standards through its $800 million development budget as part of transparency and anti-corruption reforms, according to the Associated Press.

According to the governing body, the new regulations will apply to FIFA’s 209 member associations and six regional confederations from July 1. Under the rules, members will have to provide FIFA with detailed financial accounts and have them audited every five years to be eligible to receive development funds. Domenico Scala, independent chairman of FIFA’s Audit and Compliance Committee, oversaw the reform process.

In other decisions, FIFA reiterated that Britain will lose its guaranteed vice-presidency role on its ruling executive committee. FIFA stated: “The privilege of the four British associations to elect a vice-president shall be removed.” The governing body also reappointed Costa Rica as host of the Under-17 Women’s World Cup next year after receiving new guarantees from the country’s authorities.

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