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Progress on IASC Foundation constitution review

  • Constitution review (old) Image

23 Mar 2004

The IASC Foundation Trustees have announced the next steps in their review of the IASCF Constitution.

The Trustees' Announcement (PDF 27k) said that 70 responses have been received to the November 2003 consultation paper. They are posted on IASB's Website. And the constitution committee met with the Standards Advisory Council in February. The committee will meet with the IASB's liaison standard setters and EFRAG on 26 April 2004 and will hold a series of public round-tables in at least four cities around the World from June through October. The Trustees have identified the following ten issues for review (others may be added):

  • Whether the objectives of the IASC Foundation should expressly refer to the challenges facing small- and medium-sized entities (SMEs).
  • Number of Trustees and their geographical and professional distribution.
  • The oversight role of the Trustees.
  • Funding of the IASC Foundation.
  • The composition of the IASB.
  • The appropriateness of the IASB's existing formal liaison relationships.
  • Consultative arrangements of the IASB.
  • Voting procedures of the IASB.
  • Resources and effectiveness of the International Financial Reporting. Interpretations Committee (IFRIC).
  • The composition, role, and effectiveness of the Standards Advisory Council.

Correction list for hyphenation

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