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The IASC Foundation (IASCF) is the legal entity under which the IASB operates. The IASCF is governed by a board of 22 trustees.
At their meeting in January 2010, the IASCF Trustees voted to rename the IASCF to the IFRS Foundation. The Trustees announced that the name change will be implemented as soon as practicable. IAS Plus will continue to use the old name until the change is formally implemented.
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Constitution
Objectives of the IASCF
The objectives of the IASC Foundation are:
- (a) to develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the world's capital markets and other users make economic decisions;
- (b) to promote the use and rigorous application of those standards; and
- (c) in fulfilling the objectives associated with (a) and (b), to take account of, as appropriate, the special needs of small and medium-sized entities and emerging economies; and
- (d) to bring about convergence of national accounting standards and International Accounting Standards and International Financial Reporting Standards to high quality solutions.
Responsibilities of the IASCF Trustees
The Trustees of the IASC Foundation have responsibility to:
- establish and maintain appropriate financing arrangements
- establish or amend operating procedures for the Trustees
- determine the legal entity under which the IASC Foundation shall operate, provided always that such legal entity shall be a Foundation or other body corporate conferring limited liability on its members and that the legal documents establishing such legal entity shall incorporate provisions to achieve the same requirements as the provisions contained in this Constitution
- review in due course the location of the IASC Foundation, both as regards its legal base and its operating location
- investigate the possibility of seeking charitable or similar status for the IASC Foundation in those countries where such status would assist fundraising
- open their meetings to the public but may, at their discretion, hold certain discussions (normally only about selection, appointment and other personnel issues, and funding) in private; and
- publish an annual report on the IASC Foundation's activities, including audited financial statements and priorities for the coming year.
The Trustees also have responsibility to:
- (a) appoint the members of the IASB and establish their contracts of service and performance criteria;
- (b) appoint the members of the International Financial Reporting Interpretations Committee and the Standards Advisory Council;
- (c) review annually the strategy of the IASC Foundation and the IASB and its effectiveness, including consideration, but not determination, of the IASB's agenda;
- (d) approve annually the budget of the IASC Foundation and determine the basis for funding;
- (e) review broad strategic issues affecting accounting standards, promote the IASC Foundation and its work and promote the objective of rigorous application of International Accounting Standards and International Financial Reporting Standards, provided that the Trustees shall be excluded from involvement in technical matters relating to accounting standards;
- (f) establish and amend operating procedures, consultative arrangements and due process for the IASB, the International Financial Reporting Interpretations Committee and the Standards Advisory Council;
- (g) review compliance with the operating procedures, consultative arrangements and due process as described in (f);
- (h) approve amendments to this Constitution after following a due process, including consultation with the Standards Advisory Council and publication of an Exposure Draft for public comment and subject to the voting requirements given in Section 14;
- (i) exercise all powers of the IASC Foundation except for those expressly reserved to the IASB, the International Financial Reporting Interpretations Committee and the Standards Advisory Council; and
- (j) foster and review the development of educational programmes and materials that are consistent with the IASC Foundation's objectives.
IASCF Trustees
Click here for a List of the IASC Foundation Trustees.
Trustee Appointments Advisory Group
In November 2005, the: IASCF Trustees formed a Trustee Appointments Advisory Group to help them in nominating and appointing qualified and interested individuals as Trustees.
Current members of the Advisory Group are:
- Jane Diplock, Chairman of the Executive Committee, International Organization of Securities Commissions
- Mario Draghi, Governor, Bank of Italy
- Donald Kaberuka, President, African Development Bank
- Haruhiko Kuroda, President, Asian Development Bank
- Sebastian Gonzalez, Inter-American Development Bank
- Rodrigo de Rato y Figaredo, Managing Director, International Monetary Fund
- Jean-Claude Trichet, President, European Central Bank
- Paul Volcker, Chairman of the Appointments Advisory Group and former Chairman of the Trustees
- Robert B Zoellick, President, World Bank
The ultimate decision on appointments rests with the Trustees. However, the Trustees will explain to the members of the Advisory Group the rationale for any decision contrary to reservations expressed by members of the Advisory Group. The Advisory Group will meet at least once annually, either in person or by conference call. The Chairman of the IASCF Trustees chairs the meetings of the Advisory Group.
IASCF XBRL Project
An IASC Foundation team Click here for Information about the IFRS XBRL Taxonomy.
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