This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Monitoring Board announces procedure and timetable for review of existing members and selection of new ones

  • IFRS Foundation badge (dk green) Image

May 02, 2013

The Monitoring Board (MB) of the IFRS Foundation announced the outcome of its meeting held in London on April 11, 2013. The MB determined the procedure and timetable for the assessment of existing members and selection of new ones against the membership criteria announced in March.

The MB's Final Report on the Review of the IFRS Foundation's Governance published in February 2012 identified a number of enhancements to the governance framework including expanding the MB’s membership and beginning periodic assessments of the members against membership criteria.

The following criteria were announced on March 1, 2013:

  • The jurisdiction has made a clear commitment to IFRSs and promotes global acceptance of a single set of high-quality international accounting standards. It mandates or permits the application of IFRSs to consolidated financial statements of companies raising capital in its relevant market.
  • The IFRSs to be applied are essentially aligned with IFRSs developed by the IASB.
  • The jurisdiction can be regarded a major market for capital-raising in the global context.
  • The jurisdiction makes financial contributions to the setting of IFRSs on a continuing basis.
  • The jurisdiction has in place and in operation a robust enforcement mechanism.
  • The relevant national or regional standard-setting body actively contributes to the development of IFRSs.

At the meeting held on April 11, the MB agreed on the following three procedures for expending the current membership and assessing the existing members:

Selection of new member candidates (with the exception of rotating members)

  1. The MB will issue a public call for nominations.
  2. The MB will complete the selection of new members in accordance with the MB membership criteria.

Selection of new rotating members (to be selected in consultation with IOSCO)

  1. The MB determines the selection procedure in consultation with IOSCO, and IOSCO will be asked to recommend candidates.
  2. The MB will complete the selection of rotating members in accordance with the MB membership criteria.

Assessment process of existing members

  1. All existing MB members will be assessed in accordance with the MB membership criteria.

The timetable for these procedures, which are to be conducted in parallel, is rather vague; however, the MB "anticipates completion of the process in 2013."

Click to access the press release on the Monitoring Board's Web site.

    Related Topics

    Correction list for hyphenation

    These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.