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Report from the latest meeting of the IFRS Foundation Monitoring Board

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Jun 18, 2014

The IFRS Foundation Monitoring Board, the body responsible for the oversight of the IFRS Foundation, met on June 13, 2014, in Madrid. A short report from the meeting has been posted to the Monitoring Board's Web site.

The Monitoring Board's Final Report on the Review of the IFRS Foundation's Governance published in February 2012 identified a number of enhancements, among them expanding the membership, developing criteria for membership, and beginning periodic assessments of the members against membership criteria. With regard to the selection of new members, the Monitoring Board discussed applications for the remaining two permanent seats, primarily from major emerging markets to make the Monitoring Board more inclusive. In addition, the Board concluded its first review of its existing members based on the agreed-upon membership criteria and found that all members are compliant with the criteria.

At the meeting, the Monitoring Board also discussed the IFRS Foundation's governance and control developments and expressed support for the efforts made by the Foundation. However, the Board encourages the Foundation to ensure that appropriate compliance requirements are fully implemented and to continue its efforts concerning transparency. As an additional topic, the European Commission raised the issue of long-term investors and accounting.

Please click for access to the full report on the Monitoring Board's Web site.

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