The Trustees’ responsibilities include, but are not limited to:
- appointing Trustee members and members of the International Accounting Standards Board (Board), the IFRS Interpretations Committee (IFRS IC), the IFRS Advisory Council and the Accounting Standards Advisory Forum (ASAF);
- establishing and amending the operating procedures, consultative arrangements and due process for the Board, the IFRS IC, the Advisory Council and ASAF;
- reviewing annually the strategy of the IFRS Foundation and the Board and assessing their effectiveness; and
- ensure the financing of the IFRS Foundation and approve annually its budget.
In exercising their governance responsibilities, the Trustees may reconsider or amend the Board's due process or recommend, for example, improvements to the Board's outreach activities. In addition, the constitution requires the Trustees to undertake a formal, public review of the structure of the IFRS Foundation, its governance arrangements and its effectiveness in fulfilling the organisation’s objectives every five years.
The Trustees are accountable to a Monitoring Board of public authorities. The Trustees' reports to the Monitoring Board are available on the Trustees' meeting pages.