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Trustees launch review of aspects of the IFRS Foundation Constitution

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07 Jul 2015

The Trustees of the IFRS Foundation have published a Request for Views document with proposals for further enhancing the structure and effectiveness of the organisation.

The IFRS Foundation Constitution requires the IFRS Foundation Trustees to undertake a review of the entire structure of the IFRS Foundation and its effectiveness every five years. As announced last year, the Trustees are convinced that the last strategy review (2010-2012) already covered many issues that would be part of a Constitution review. Therefore, the Trustees have limited this review to three strategic areas:

  • Relevance of IFRS
    • to consider whether the IASB should extend its remit beyond the current focus of the organisation, either in terms of the types of entity covered or the types of reporting;
    • to seek views on the Foundation's strategy for the IFRS Taxonomy; and
    • to consider the impact of developments in technology on maintaining the relevance of IFRS
  • Consistent application of IFRS
    • to consider whether the Foundation is doing the right things to support the consistent application of IFRS and whether there is anything more it could and should be doing in this area;
  • Governance and financing of the IFRS Foundation
    • to consider the current governance structure of the Foundation, including the functioning of the three-tier structure;
    • to review the provisions in the Constitution that relate to the Trustees’ geographical distribution, how to ensure an appropriate balance of professional backgrounds, and their terms of appointment;
    • to consider the focus and the frequency of the reviews of structure and effectiveness specified in the Constitution;
    • to review the provisions in the Constitution that relate to the IASB, including the optimum size of the Board and its geographical distribution, the balance between full-time and part-time members and their professional backgrounds, and their terms of appointment; and
    • seeking views on the Foundation’s funding model and how its functioning might be strengthened.

The Trustees believe that it is not necessary to open up all aspects of the Foundation for consultation and decided not to cover the primary objective of the Foundation and the processes and procedures in support of that objective, including the IASB's due process; what the Foundation and the IASB are doing in support of its commitment to the long-term goal of the adoption of IFRS; and the operations and performance of the Advisory Council.

Comments on the Request for Views document are requested by 30 November 2015. Please click for the following information on the IASB website:

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