Monitoring Board releases report on governance review for public consultation
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)
Click for:
- Consultative Report on the Review of the IFRS Foundation's Governance (PDF 344k, link to IOSCO website).
- Monitoring Board press release (PDF 125k, link to IOSCO website).