In 2015 the Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (the Board), commenced their latest review of the structure and effectiveness of the IFRS Foundation.
As a result of the Feedback Statement produced in November 2016 the Trustees of the IFRS Foundation have also amended the IFRS Foundation Constitution.
The amendments reflect the conclusions reached unanimously by the Trustees following the latest public consultation, which included ten proposed changes to the Constitution.
The main changes are:
- a reduction in the number of Board members from 16 to 14, which is the number of members the Board has been operating with for a while;
- amendments to the geographical distribution of Board members and Trustees; and
- amendments to Board members’ and Trustees’ professional background requirements.
The Feedback Statement on the proposed amendments was published at the same time as the amended Constitution. The Constitution became effective 1 December 2016.
For a full list of all documentation relating to the Review, including published documents and comment letters, please visit the Review of Structure and Effectiveness project page.