IASC Foundation launches 2008 Constitution Review

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13 Apr 2008

The Trustees of the International Accounting Standards Committee Foundation, under which the IASB operates, have announced the process for the 2008 Constitution Review.

They also completed proposals, to be published shortly, to:
  • Create a 'monitoring group' of representatives of official organisations, including securities regulators, that would approve Trustee appointments and review Trustee oversight activities
  • Expand the IASB to 16 members from the present 14, and provide for geographical balance
The remaining issues will be dealt comprehensively beginning with a consultation document in the second half of 2008. The Trustees expect to complete the review by the end of 2009. The Trustees have formed a Constitution Committee to guide the review, though decisions rest with the Trustees as a whole. That committee includes: Gerrit Zalm, Chairman of the Trustees; Philip Laskawy, Vice Chairman of the Trustees; Bertrand Collomb; Samuel DiPiazza; Aki Fujinuma; Pedro Malan; and Antonio Vegezzi. Click for Press Release (PDF 63k).

 

Timeline for the 2008 Constitution Review

April 2008

Publication of proposals concerning public accountability and IASB size/geographical diversity – the first track of the Constitutional Review. Comment period to end on 31 July.

April-August 2008

Trustees to meet interested parties to discuss proposals on the first track

September 2008

Constitution Committee to develop proposals to present to full Trustees, based upon analysis of comment letters and other input on the first track proposals.

October 2008

Trustees to conclude the first track of Constitution Review at their Beijing meeting. Changes to take effect for 1 January 2009.

October or November 2008

Trustees to publish a discussion document inviting views on other issues to be incorporated as part of the Constitutional Review – the second track of the Constitution Review.

October 2008-January 2009

Trustees to meet interested parties to discuss the second track of the Constitution Review.

February 2009

Trustees to develop list of issues and the Constitution Committee to develop proposals.

April 2009

Trustees to publish other constitutional proposals on issues identified.

April 2009-October 2009

Trustees to hold a series of meetings on proposals, possibly including public round-table discussions.

October-November 2009

Conclusion of the Constitutional Review.

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