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Wednesday 22 February 2017

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The Constitution of the IFRS Foundation

The IFRS Foundation Constitution


The IFRS Foundation Constitution was approved in its original form by the Board of the former International Accounting Standards Committee (IASC) in March 2000 and by the members of the IASB at a meeting in Edinburgh on 24 May 2000.

Establishing the Constitution of the IFRS Foundation

 

At its meeting in December 1999, the IASB had appointed a Nominating Committee to select the first Trustees. These Trustees were nominated on 22 May 2000 and took office on 24 May 2000 as a result of the approval of the Constitution.

In execution of their duties under the Constitution, the Trustees formed the IFRS Foundation on 6 February 2001. As a consequence of a resolution by the Trustees, Part C of the revised Constitution approved on 24 May 2000 ceased to have effect.

Reflecting the Trustees' decision to create the International Financial Reporting Interpretations Committee (IFRIC), now called the IFRS Interpretations Committee, and following public consultation, the Constitution was revised on 5 March 2002.

Subsequently, the Trustees amended the Constitution, with effect from 8 July 2002, to reflect other changes that had taken place since the formation of the IFRS Foundation.

The Constitution has been amended by the Trustees on several occasions—for more information go to Constitution Reviews.


 

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