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New Member of the IFRS Foundation Monitoring Board

  • IFRS - IASB Image

Aug 19, 2016

On August 19, 2016, the IFRS Foundation Monitoring Board, responsible for the oversight of the IFRS Foundation, has published a press release announcing that the Ministry of Finance of the People’s Republic of China (China MOF) is now a member of the Monitoring Board.

In its Final Report on the Review of the IFRS Foundation’s Governance published in February 2012, the Monitoring Board announced that it wants to expand its membership to include up to four members, primarily from major emerging markets. In January 2014, the Brazilian Securities Commission (CVM) and the Financial Services Commission of Korea (FSC) were appointed as members. The application from China triggered an extended screening, however, it was found that the China MOF fulfils the revised membership criteria approved by the Monitoring Board in February 2016. The United States Securities and Exchange Commission (SEC) abstained from the final vote on the membership.

For further details, refer to the press release on the IASB website.

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