About the governance and accountability arrangements of the organisation
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.
The cornerstones of the organisation's public accountability are:
- The Monitoring Board
The Trustees have established a formal public accountability link to a Monitoring Board of public capital market authorities.
- The Constitution Review
The Constitution of the IFRS Foundation requires the Trustees to undertake a formal, public, five-yearly review of the Constitution.
- Due process
A formal due process for the IASB, the IFRS Interpretations Committee and XBRL ensures extensive outreach, which includes mandatory public consultation. Comment letters received in response to formal proposals are made public on the website.
- Public meetings
All meetings (other than meetings on administrative matters) of the bodies of the IFRS Foundation, including the IASB, the Interpretations Committee and its formal advisory bodies, are held in public and are webcast. Meeting notes are available to the public as observer notes.