Welcome to the website of the IFRS Foundation and the IASB

Wednesday 16 April 2014

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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.

Related information

  • The IASB's stakeholder participation, transparency and evaluation was assessed in the 2007 Global Accountability Report
  • Should you have any queries or concerns relating to the IFRS Foundation's governance and accountability, please contact:

    Tamara Feldman
    Legal Advisor and Secretary to the Trustees
    tfeldman@ifrs.org

Please note: when submitting a comment letter or when communicating with the IFRS Foundation, the IASB or any of its constituent bodies, you acknowledge and accept the IFRS Foundation Written Communication policy which details how we use and process your data.