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IFRS Foundation Monitoring Board and Trustees conclude their governance and strategy reviews

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Feb 09, 2012

The IFRS Foundation Monitoring Board and Trustees have jointly issued their separate reviews of the governance and strategy of the IFRS Foundation.

The two reviews are independent of each other but are coordinated to display their common goal of supporting the IFRS Foundation in creating quality globally accepted standards.

In the Trustees' report, IFRSs as the Global Standards: Setting a Strategy for the Foundation’s Second Decade, the Trustees recommended four areas that the IFRS Foundation should focus on: (1) the IFRS Foundation mission, specifically the public interest served by the Foundation's work; (2) governance; (3) the process and procedures used by the Foundation and the IASB; and (4) the organization's financing.

In the Monitoring Board's review, Final Report on the Review of the IFRS Foundation's Governance, the report primarily reviewed institutional aspects of governance. Specifically, the review focused on the composition and the respective roles and responsibilities of the Monitoring Board, Trustees, and the IASB.

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