EFRAG letter on IASCF constitution review

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

15 Mar 2005

The European Financial Reporting Advisory Group (EFRAG) has submitted its final letter to the Trustees of the IASC Foundation, under which the IASB operates, in response to the Trustees' proposals for changes to the IASCF Constitution.

Click to Download the EFRAG Letter (PDF 96k). An excerpt:

We have to express disappointment with the proposals for change put forward in the consultation paper. It appears that the Trustees have ignored many European concerns even though numerous proposals for change were put forward by many different European organisations.

Many organisations proposed finding means to have European constituents more involved in one way or another, but the proposals seem to us to be more in the direction of diluting the European involvement. It is all the more disappointing, therefore, that the proposals contained within the Constitutional Review document are so marginal in their response to the ideas put forward during the preceding consultative round, including the open meetings held during the course of 2004. The key issues we see as needing improvement are:

  • Accountability and public oversight of the Trustees and the Board.
  • The governance structure.
  • The composition of the Trustees and the Board.

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