Deloitte issues comment letter on the review of the IFRS Foundation's governance

  • Deloitte Comment Letter Image

25 Mar, 2011

Deloitte's IFRS Global Office has submitted a letter of comment on the IFRS Foundation Monitoring Board's Consultative Report on the Review of the IFRS Foundation's Governance.

The comment letter expresses Deloitte's views about the issues that are fundamental to the review of the IFRS Foundation's governance. The following is an excerpt from the letter:

The governance structure of the IFRS Foundation must facilitate achieving the ultimate goal of a single set of high-quality global financial reporting standards. The governance structure should provide for the independence of the standard-setter while ensuring the accountability of the IFRS Foundation to capital market authorities and ultimately governments.

The primary focus of setting financial reporting standards is the needs of participants in the capital markets and it is appropriate for the Monitoring Board to comprise capital market authorities responsible for the enforcement or endorsement of financial reporting standards for capital markets. So that it is able to meet this objective in a better manner, we support expanding the Monitoring Board to represent a more diverse population of capital market authorities from jurisdictions using or committed to using IFRSs. We think that IOSCO, which represents capital market authorities worldwide and is recognised as the G20's capital markets representative agency, is the appropriate agency to advise on membership of the Monitoring Board.

Click to Download our Comment Letter (PDF 106k). All of our past comment letters are here.

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