Deloitte comment letter on 'Review of the IASCF Constitution: Identifying Issues for Part 2 of the Review'
In our view, the IASCF Constitution should identify the principles of governance and oversight of the IASCF and the IASB. It should be relatively short and allow the various components of the IASCF a necessary degree of operational flexibility. This operational flexibility has allowed the IASB to react quickly to crises (e.g., that in October 2008). Were the Constitution to be overly detailed, this ability to act with agility might be compromised.
However, we have identified areas within the Constitution where we see the need for change: to align the IASCF Constitution and the IASB Framework; to require that IFRS be based on clear principles; and to clarify certain aspects of the IASCF’s governance.