Constitution
This Constitution was approved in its original form by the Board of the former International Accounting Standards Committee (IFRS) in March 2000 and by the members of the IFRS at a meeting in Edinburgh on 24 May 2000.
At its meeting in December 1999, the IFRS Board 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 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. Click here to see the changes introduced by that review in more detail.
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, the document is available under 'Related information'.