ICAEW Accountancy Magazine discusses Monitoring Board review

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10 Jun 2011

The June edition of Accountancy Magazine includes an article discussing the IFRS Monitoring Board governance review issued in February 2011.

The article, written by Colin Fleming, a director in Deloitte's Global IFRS Office, discusses the changing role of the IASB since its formation and the need for the governance and monitoring structures of the IFRS Foundation and IASB to adapt as IFRS use spreads. Mr Fleming also discusses the suggestion arising from the governance review to expand and diversify the Monitoring Board, how any expanded Board should vote, whether the Board should have an 'explicit ability' to place an item in the IASB's technical agenda and its role in the selection of the IASB Chair.

An extract follows:

The governance structure of the IFRS Foundation must facilitate achieving the ultimate goal of a single set of high-quality global financial reporting standards. It needs to support that goal while balancing the need for accountability to public authorities and the independence of the standard-setter.

But the governance structure must also be seen to deliver accountability and independence in such a way that jurisdictions not already using IFRS can adopt the standards with the same degree of confidence that current users have. The governance review has already been identified as one of the issues identified as an important factor in the US Security and Exchange Commission's decision on whether to adopt the use of IFRS in the US later this year.

Click for the full article (PDF 188k). The article is posted with the kind permission of the Institute of Chartered Accountants in England and Wales (ICAEW) and cannot be further reproduced without the permission of ICAEW.

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