MB discusses the ongoing activities of the IFRS Foundation
05 Mar 2024
The IFRS Foundation Monitoring Board (MB) has released a report on the meeting with the IFRS Trustees and the leadership of the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB) in Madrid, Spain.
The MB was informed of the ongoing activities of the IFRS Foundation and reiterated its expectations on:
- connectivity between the financial statements and sustainability-related disclosures, while ensuring mutual independence and balanced resource allocation for the standard-setting process;
- further exploration of effective functioning of the multi-location model to maximise the potentials of the two boards under the leadership of the Trustees of the IFRS Foundation; and
- stable and diversified funding to support the work of the two boards.
In addition, the MB recognised the efforts made by the IFRS Foundation to support the implementation of the ISSB standards and welcomed the consideration of the strategic direction of each board.
The MB also emphasised that a robust due process is the 'core function' of the IFRS Foundation and encouraged continued efforts in this area.
Please click to access the full report on the IOSCO website.
