FIFA's Finance Committee, under the chairmanship of senior vice-president Julio Grondona, unanimously approved the audit report relating to FIFA's consolidated financial statements for 2001, FIFA said.
The Committee agreed with KPMG that "the aforementioned adjustments and provisions adequately cover FIFA's risk with regard to the bankruptcy of the ISL group", and also approved the auditor's report of FIFA's consolidated financial statements for 2001 - which showed a net profit of CHF71m ($41.8m/EUR48.1m).
By the end of 2001, FIFA had equity of SF154m ($90.7m/EUR104.2m) and total provisions of SF367m( $216.1m/EUR248.5m) in reserve, the report said.
Thr final version of the 2002 budget for FIFA and FIFA Marketing AG and the budget preview for the period 2003 - 2006 was also approved by the Committee.
FIFA's auditors KPMG have confirmed that the CHF110million ($64.8m/EUR74.9m) set aside to cover the bankruptcy of its former marketing partner ISL, will be "sufficient" to cover the governing body's risk.
