In February 2012 the Trustees of the IFRS Foundation, the oversight body of the IASB, concluded their review of the strategy of the IFRS Foundation. The review was initiated at the end of 2010 as the IFRS Foundation was entering its second decade of existence and was a result of the IFRS Foundation’s second Constitution Review that was completed in early 2010.
The Trustees’ strategy review sought to articulate a clear strategy and vision for the organisation by considering the mission, governance, standard-setting process and financing of the IFRS Foundation.
To obtain input from its stakeholders, the Trustees published two consecutive consultation documents. Both sets of reviews were subjected to extensive global public consultation with interested parties, and included public round tables in Hong Kong, London, New York and Tokyo. For more information, see the timetable of the strategy review.
The Trustees agreed to coordinate their activities with those of the Monitoring Board of the IFRS Foundation, which was conducting its own independent wide-ranging review at the same time. The Monitoring Board review focused primarily on institutional aspects of governance, particularly the composition and respective roles and responsibilities of the Monitoring Board, the Trustees and the IASB. As a result, the Trustees of the IFRS Foundation and the Monitoring Board published their respective reports jointly on 9 February 2012.