Proposals to change IASC Foundation constitution

  • Constitution review (old) Image

23 Oct 2004

The Constitution Committee of the IASC Foundation Trustees will present its preliminary recommendations on changes to the Foundation's constitution at a meeting of the Trustees on 25 October 2004. If the Trustees approve the recommendations, they will be published for public comment.

Click to Download the Proposals of the Constitution Committee (PDF 275k). Among the recommendations:

Recommendations of the Constitution Committee


  • Permit up to four part-time members of the IASB (currently it is two).
  • Broaden the criteria for selecting IASB members – 'professional competence and practical experience' would replace 'technical expertise'.
  • The required mix of backgrounds on the IASB would be less restrictive. Currently a minimum of five practising auditors, three preparers, three users, and one academician are required. That would be changed to "an appropriate mix of practical experience among auditors, preparers, users, and academics", including at least one IASB member who has recent experience in each of those fields.
  • Require nine votes (64%) by IASB members to approve an Exposure Draft, Standard, or Interpretation, rather than the current eight (57%).
  • Enhance the IASB's due process by expanding its consultative arrangements and scope of liaison activities.


  • Expand the number of Trustees from 19 to 22 to broaden geographical representation and diversity of professional experience.
  • Allow the Chair of the IASC Foundation Trustees to serve as Chair for six years, even if that period is beyond the limit of two three-year terms for Trustees.
  • The Trustees' annual review of the strategy and effectiveness of the Foundation and the IASB and its effectiveness should include consideration of the IASB's agenda.
  • Rather than necessarily developing educational programmes itself, the Foundation should foster and review the development of educational programmes and materials by others.

Standards Advisory Council:

  • The Chair of the Standards Advisory Council would be appointed by the Trustees (three-year term, one renewal permitted) and would not be a member of the IASB or its staff (currently the IASB Chair also chairs the SAC).

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