European Parliament resolution on IASCF Constitution Review
On 9 October 2008, the European Parliament adopted a Resolution on the IASCF Review of the Constitution, Public Accountability, and Composition of the IASB.
- 'Expresses doubts as regards the desirability of setting up the Monitoring Group at this stage, before the second phase of the consultation process of the review of the governance of the IASB is launched'
- Calls for the Monitoring Group, if established, 'to be involved in setting the agenda for the IASB'
- 'Deplores the fact that Parliament was not consulted about the establishment of an International Accounting Advisory Group'
- Seeks 'political accountability' of members of the Monitoring Group
- Believes that membership of the Monitoring Group should be permitted 'only after a commitment to introduce IFRS as the domestic standard'. [IAS Plus comment: Two of the proposed Monitoring Group members, the commissioner of the Japan Financial Services Agency and the chair of the US SEC, would not be eligible under this criterion]
- 'Calls for a memorandum of understanding to be concluded between Parliament, the Council and the Commission so as to define the conditions of association of the legislators with the work of the monitoring group, if such a group is established at this stage'
- 'Instructs its President to forward this resolution to the Council, the Commission, the European Central Bank, and the Committee of European Securities Regulators and the governments and parliaments of the Member States'