Fast-track for proposed IASCF monitoring group, enlarged IASB
15 Feb 2008
Our News Story of 11 February 2008 reported on two proposed changes to the IASCF/IASB structure that will be considered as part of the 2008 Constitution Review, which is scheduled to start later this year.
The proposals are:
- Creation of a 'monitoring group' of representatives of official organisations, including securities regulators, that would approve Trustee appointments and review Trustee oversight activities, including the adequacy of the annual funding arrangements as well as the overall budget.
- Expansion of the IASB to 16 members from the present 14. While maintaining the existing Constitutional criteria for selecting members of the IASB, the Trustees will consider whether the Constitution should also explicitly ensure a minimum geographical balance. The balance they are currently considering is 4 members from Europe, 4 from the North America, 4 from Asia-Oceania, and the remaining 4 from any area.
At yesterday's meeting of the Standards Advisory Council, IASCF Trustee Antonio Vegezzi and IASCF Director of Operations Thomas Seidenstein reported that the Trustees intend to fast-track their consideration of these two issues. Accordingly, they expect to publish formal proposals for public comment some time during the second quarter of 2008. They also reported that the remainder of the Constitution Review will get under way in third quarter 2008 and is expected to take about two years.
Click to view IASCF Constitution Review 2008-2010.
