Deloitte comment letter on Trustees' strategy review

  • Deloitte Comment Letter Image

25 Jul 2011

Deloitte's IFRS Global Office has submitted a letter of comment on the IFRS Foundation Trustees' Report, 'IFRSs as a Global Standard: Setting a Strategy for the Foundation's Second Decade'.

The comment letter highlights Deloitte's views on the issues relating to governance of the Trustees' review and the Monitoring Board's concurrent and independent review of the IFRS Foundation's governance. The following is an excerpt from the letter:


It is important that the governance structure fosters high quality by achieving a proper balance between accountability, effective oversight and legitimacy of the IASB on one hand and its technical independence on the other. In our letter of 25 March 2011 to the IFRS Foundation Monitoring Board, we expressed support for the three tiers of governance, under which:

  • the Monitoring Board provides political legitimacy and accountability by acting as the link, via competent market authorities and/ or regulators, to national governments in jurisdictions using or committed to using IFRSs and provides oversight of and pro-active advice to the IFRS Foundation;
  • the IFRS Foundation Trustees oversee the day-to-day activities of the IASB and related standard-setting activities and promote the transparency of the organisation; and
  • the IASB acts as an independent standard-setter, operating within a clearly defined and documented system of due process.
In addition, we encourage the Trustees' to leverage experts in financial reporting from around the world throughout the standard-setting process. We, also, think the Trustees' should consider which issues might be dealt with by the enhanced governance structure proposed in the Report.

Click to Download our Comment Letter on Status of Trustees' Strategy Review (PDF 119k). All of our past comment letters are here.

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