Trustees' press release on constitutional changes

  • Constitution review (old) Image

28 Jun 2005

As we have previously reported, at their meeting in Paris on 21 June 2005 the Trustees of the IASC Foundation approved a number of Amendments to the IASCF Constitution following their review of the structure and operations of the IASB, IFRIC, SAC, and the IASCF.

Those amendments are intended:

  • to enhance the organisation's accountability by increasing the Trustees' oversight and interaction with parties interested in, and affected by, accounting standards.
  • to improve the transparency of the organisation's operations by introducing new procedures and practices.
  • to establish a high level advisory group of leaders of official international and regional organisations to assist the Trustees in their responsibility for nominating and appointing individuals as Trustees.
  • to respond to concern that the experiences of those from some large economies outside Europe and North America have not been represented among the Trustees by expanding the number of Trustees from 19 to 22, with a provision for two new appointments from Asia/Oceania.
  • to emphasise the need for, and to encourage, extensive consultation through formal and informal mechanisms, including a reinvigorated and more effective Standards Advisory Council, and expanded liaison beyond existing due process requirements.
  • to highlight the commitment of the Trustees to ensuring that an independent IASB is composed of individuals that bring to its work not only technical expertise but a broad range of perspectives and skills, including practical experience.
  • to take explicit note of the special needs of small and medium-sized entities.

The Trustees have today issued a Press Release detailing the steps leading to the constitutional changes (PDF 84k).

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