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Monitoring Board releases report on governance review for public consultation

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07 Feb 2011

The IFRS Foundation Monitoring Board has released for public comment a document Consultative Report on the Review of the IFRS Foundation's Governance.

In April 2010, the Monitoring Board commenced a review of the governance structure supporting International Financial Reporting Standards (IFRSs) as a set of high quality, globally accepted accounting standards.

The fundamental question for the review is whether the current governance structure effectively promotes the standard-setter's primary mission of setting high quality, globally accepted standards as set forth in the Constitution of the IFRS Foundation, and whether the standard-setter is appropriately independent yet accountable.

The report is open for public comment until 8 April 2011. The timetable for the Monitoring Board review is as follows:

  • 7 February 2011: Report published for public comment
  • Late February — early March 2011: Public roundtables in Asia, Europe and the Americas:
    • Asia: TBD
    • Europe: 3 March 2011, Brussels
    • The Americas: TBD
  • 8 April 2011: Comment deadline
  • April - June 2011: Development of an action plan for implementation of the proposals, giving consideration to the comments received, and publishing of a feedback statement on those comments
  • Early third quarter 2011: Final action plan (the Monitoring Board will seek to coordinate this effort with the Trustees' Strategy Review)

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