IFAC proposes new governance structure

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03 Nov 2005

The International Federation of Accountants (IFAC) has invited comments on proposed revisions to its Constitution intended to strengthen IFAC's governance arrangements both to enhance its operations and to conform with current best practices.

The invitation to comment Proposed Revision of the International Federation of Accountants' Constitution (PDF 453k) was developed over the past year by a special Constitutional Working Group. IFAC is proposing a three-tiered governance document structure:
  • IFAC Constitution. The Constitution will remain the primary governance and foundation document of IFAC, and the process for its amendment by the IFAC Council would remain unchanged.
  • IFAC Bylaws. The Bylaws, a new document currently being developed, would incorporate existing items from within the Constitution that provide greater detail in support of items addressed and include new provisions to further support the Constitution. The IFAC Board would have authority to amend the Bylaws with immediate effect until the next Council meeting, at which time the Council would need to approve the amendment for it to become permanent.
  • IFAC Policies and Procedures Manual. The manual, also a new document currently being developed, would contain policies and procedures determined by the IFAC Board and management to support the Constitution and Bylaws.
IFAC requests comments by 1 February 2006. Subsequently, the Constitutional Working Group will consider the comments received and prepare a revised Constitution for approval by the IFAC Council in November 2006. Click for Press Release (PDF 57k).

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