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Constitution as Revised through 31 October 2007 Download Click to Download the IASC Foundation Constitution Revised through 31 October 2007 (PDF 85k). Brief History 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.