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IASCF publishes constitution review proposals for comment

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21 Jul 2008

The Trustees of the IASC Foundation have published, for public comment, proposals arising from the first part of their 2008 review of the IASC Foundation's Constitution.

The proposals address two issues – a new Monitoring Group for the IASCF and the size and geographical composition of the IASB:

The IASCF Has Invited Comment on These Proposals:

  • Monitoring group. The IASCF Constitution would be amended to establish a formal link between the IASCF and a new Monitoring Group comprising representatives of public authorities and international organisations that have requirements for accountability to public authorities. The Monitoring Group would have the responsibility of approving the selection of IASCF Trustees. The Trustees would also report to the Monitoring Group regularly to enable it to address whether and how the Trustees are fulfilling their role set out in the Constitution. A Memorandum of Understanding will be agreed between the Monitoring Group and the Trustees describing the interaction of the Monitoring Group with the Trustees. Under the proposal, the initial members of the Monitoring Group would be:
    • the responsible member of the European Commission,
    • the managing director of the International Monetary Fund,
    • the chair of the IOSCO Emerging Markets Committee,
    • the chair of the IOSCO Technical Committee,
    • the commissioner of the Japan Financial Services Agency,
    • the chairman of the US Securities and Exchange Commission, and
    • the president of the World Bank.
  • IASB size and composition. The proposal would expand the IASB from 14 to 16 members by not later than 1 July 2012. Up to three members could be part-time. Approval of IFRSs and EDs would require 10 affirmative votes (9 if there are fewer than 16 IASB members serving). The proposal would also adopt new guidelines regarding the geographical diversity of the members of the IASB. The required geographical split of the IASB would be:
    • four members from the Asia/Oceania region,
    • four members from Europe,
    • four members from North America,
    • one member from Africa,
    • one member from South America, and
    • two members appointed from any area, subject to maintaining overall geographical balance.
Comment deadline is 20 September 2008. The Trustees expect to reach final decisions on this part of the Constitution Review at their meeting in Beijing on 9-10 October 2008. The changes would take effect from 1 January 2009. Click for Press Release (PDF 52k). You can download the proposal from www.ifrs.org. The second part of the Constitution Review, covering other aspects of the IASC Foundation's Constitution, will begin after the Trustees' October 2008 meeting. The Trustees will publish a further discussion document inviting respondents to suggest topics for consideration by the Trustees. Consultations will be held during the course of 2009, with changes taking effect from 1 January 2010.

 

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