IFRS Foundation Constitution
- On 24 May 2000, the first IASC Foundation Constitution was approved by the Members of IASC. (Members of the IASC were the professional accounting organisations that were also IFAC members).
- On 5 March 2002, certain paragraphs were were revised by the Trustees of the IASC Foundation, effective on that date. Those revisions were necessary to implement certain aspects of the IASB's Preface to IFRS relating to the Standing Interpretations Committee.
- The Constitution requires the Trustees to review the Constitution every five years.
- In November 2003, the trustees of the IASC Foundation announced the appointment of a committee to Review the IASB's Constitution.
- On 21 June 2005, the Trustees of the IASC Foundation gave final approval to a broad range of changes to the Constitution, effective 1 July 2005. Information about the changes may be found Here.
- On 31 October 2007, the Trustees of the IASC Foundation revised the Constitution to reflect the expansion of IFRIC to 14 members, effective immediately. The version of the Constitution downloadable above reflects these changes.
- At their 31 October 2007 meeting, the Trustees Announced (PDF 55k) that a comprehensive Constitution Review would be undertaken in 2008-2009. That Constitution Review was conducted in two phases. In January 2009, the Trustees voted to revise the constitution for changes resulting from the first phase of the review, including formation of a Monitoring Board. In February 2010, the Trustees completed the second phase of the review (click for Decisions Made in Phase Two).
- Following completion of their 2008-2010 Constitution Review, the Trustees revised the Constitution effective 1 March 2010.
- Following the recommendations of the Trustees’ 2011 Strategy Review IFRSs as the Global Standards: Setting a Strategy for the Foundation’s Second Decade and the Monitoring Board’s Governance Review of the IFRS Foundation Final Report on the Review of the IFRS Foundation’s Governance, the Trustees amended the Constitution to reflect changes regarding the separation of the role of Chairman of the IASB and Chief Executive Officer of the IFRS Foundation. The Trustees approved the changes on 23 January 2013 for immediate effect.
- Click to Download the IFRS Foundation Constitution Revised through January 2013 (link to IASB website).