The 2016 loss, up from a restated $117 million shortfall for 2015, was blamed on increased legal costs and the extraordinary general congress called to elect a new president after Sepp Blatter resigned after graft allegations emerged in 2015.
Legal costs more than doubled to $50 million during 2015, but FIFA expects these to go down considerably in future.
What FIFA called "ill-considered previous investments," like its struggling football museum and hotel in Zurich as well as a new accounting standard were also behind the shortfall.
It also increased its spending on what it calls education and development to $428 million during 2016 from $187 million a year earlier.
As a result of the losses, disclosed in FIFA's annual financial report, the organisation's reserves fell to $1.048 billion from $1.41 billion in 2015.
FIFA said it expects a $489 million loss in 2017 but should turn a $1.07 billion profit in 2018 when the World Cup is held in Russia, pushing its financial result for the 2014 to 2018 period into a $100 million profit.
Despite the shortfall, FIFA President Gianni Infantino said he would stick to his plans to increase the payout to soccer associations around the world to develop the sport.
"We need to ensure that every bit of revenue is well invested in the game," he said in a statement. "The FIFA Forward Development Programme is an embodiment of this commitment."
Read the full article on eurosport.co.uk: FIFA sees widening losses this year after corruption scandal