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Thursday 18 December 2014

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The Constitution of the IFRS Foundation

 Constitution


This 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.

Constitution review

 

The first mandatory constitution review was commenced by the Trustees in 2004 and concluded in 2005. The Constitution requires the Trustees to undertake a review every five years. Read more about the changes introduced in the 2005 Constitution Review.

The second mandatory Constitution Review was commenced in 2008. The Trustees undertook this review in two parts, the first focusing on the governance of the organisation and the second part focusing on all other suggested amendments and improvements. The first part of the Constitution Review was concluded in January 2009 and introduced changes to enhance public accountability. These changes came into effect in February 2009.

The second part of the Constitution Review was completed in February 2010.

Further revisions to the Constitution were approved by the Trustees at their meeting in January 2013, following a public consultation of a drafting review proposing changes to the Constitution to reflect the separation of the role of Chairman of the IASB and Chief Executive Officer of the IFRS Foundation. This change is in line with the conclusions of the Monitoring Board Governance Review, which was published in February 2012.

 

 

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