Governance and oversight
The IFRS Foundation and its independent standard-setting body, the IASB, provide public accountability through the transparency of their work, the consultation with the full range of interested parties in the standard-setting process, and their formal accountability links to the public. The leaders of the major economies, through the G20, have confirmed the importance of an independent standard-setter accountable to the public interest.
Public accountability, ensured by the organisation's constitution and governance arrangements, is vital to the organisation's success. It is the Trustees' responsiblity to ensure that appropriate governance arrangements are in place and observed by all parts of the organisation.
The Trustees' effectiveness in exercising their functions is assessed annually by the Trustees' Due Process Oversight Committee.