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Saturday 26 July 2014

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Constitution Review

2008 - 2010 Constitution Review part one


The Trustees concluded part one of the Constitution Review at their meeting in New Delhi 15 and 16 January 2009.

Part one of the Constitution Review dealt with the governance and public accountability of the IFRS Foundation (the creation of a Monitoring Board) and the size and the composition of the IASB.

In their meeting the Trustees announced to amend the Constitution:

  • To allow for the creation of a link to a Monitoring Board, providing public accountability of the Trustees to public authorities.
  • To expand the IASB from fourteen to sixteen members by 2012 with guidelines to ensure a broad international basis for membership and additional flexibility regarding part-time membership.

The report was published in April 2009 and reflects the reasons for the Trustees decisions following the consultation on part one of the Constitution Review. The document also explains and sets out the changes to the Constitution that were agreed by the Trustees at their meeting in January 2009.

View the amended Constitution, which came into effect on 1 February 2009.

Background

 

On 21 July 2008 the Trustees published its official consultation document on part one of the Constitution Review. The document contains proposals on enhancements to public accountability and to the composition and size of the IASB.

The deadline for public comment on the discussion document, Review of the Constitution: Public Accountability and the Composition of the IASB—Proposals for Change, was 20 September 2008. The Trustees’ proposals reflect consultations that they have had with many parties with an interest in the development of accounting standards.

The Trustees discussed their initial ideas in a series of round-table meetings held in London on 19 June with 30 organisations. The initial ideas were published on our Website in the form of draft proposals [PDF] in advance of the formal consultation period. The written comments received, together with the oral comments that were made at the round table meeting, were referred to the Trustees for consideration at their meeting in New Delhi. At that meeting, the Trustees decided to establish a Monitoring Board as a formal link to public authorities, to expand the IASB from 14 to 16 members by 2012, to enhance liaison with investor groups and to make constitutional changes that are consistent with recommendations made by the G20 leaders.