Our views on the IASCF constitution review proposals

  • Deloitte Comment Letter Image

19 Sep 2008

Deloitte has submitted a Letter of Comment on the IASCF Discussion Document Review of the IASC Foundation Constitution: Public Accountability and the Composition of the IASB: Proposals for Change. Below are excerpts from our letter.

We believe that in a number of areas the need for urgent action has meant that the Trustees may not have developed fully the detailed operations of the revised structure, or at least have not articulated these clearly in the proposals. Consequently, they are potentially ambiguous.

Monitoring group: We support the creation of a monitoring group as a way of creating a direct link between the IASC Foundation and very senior levels of official institutions with a legitimate interest in accounting standard-setting and transparency in financial reporting. However, the role of the monitoring group should be more clearly defined than it is in the discussion document.

IASB size and composition: With respect to the proposals affecting the IASB directly, we are not inclined to support increasing the size of the IASB from 14 to 16 members, but are willing to support such an increase to accommodate more part-time members. We do not believe that the Trustees have presented a convincing case to increase the size of the IASB and are concerned that the current size of 14 members is at the extreme upper end of operational efficiency. Nor do we support the introduction of any geographical formulation, quotas or other such limits.

Click to view Letter of Comment (PDF 176k). Past comment letters are Here.

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