Report from the latest meeting of the IFRS Foundation Monitoring Board

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18 Jun 2014

The IFRS Foundation Monitoring Board, the body responsible for the oversight of the IFRS Foundation, met on 13 June 2014 in Madrid. A short report from the meeting has been posted to the Monitoring Board's website.

The Monitoring Board's Final Report on the Review of the IFRS Foundation's Governance published in February 2012 identified a number of enhancements, among them expanding the membership, developing criteria for membership and beginning periodic assessments of the members against membership criteria. With regard to the selection of new members, the Monitoring Board discussed applications for the remaining two permanent seats primarily from major emerging markets to make the Monitoring Board more inclusive. Regarding the review of existing members based on the agreed membership criteria, the Board concluded its first review and found that no member was  non-compliant with the membership criteria.

At the meeting, the Monitoring Board also discussed the IFRS Foundation's governance and control developments and expressed support for the efforts made by the Foundation. However, the Monitoring Board encourages the Foundation to ensure that appropriate compliance requirements are fully implemented and to continue its efforts around transparency. As an additional topic, the European Commission raised the issue of long-term investors and accounting.

Please click for access to the full report on the Monitoring Board's website.

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