The Financial Stability Board (FSB) was established in April 2009, at the call of the Heads of State and Government of the Group of Twenty, as a successor to the Financial Stability Forum (FSF). The FSB became a separate legal entity in the form of an association (“Verein”) under Swiss law on January 28, 2013 when its Articles of Association were adopted by the Plenary. This is the first annual report of the FSB and contains the financial statements for over 14 month period from 28 January 2013 to March 2014 as well as an overview of the FSB’s ongoing work relating to global financial sector reforms up until September 2014.Under an agreement executed between the FSB and the Bank for International Settlements (BIS) in January 2013, the FSB is hosted and funded by the BIS, which bears virtually all its operating expenses. The FSB does not have any assets, liabilities or any revenue of its own.