IFRS Foundation Constitution

Brief history

  • On 24 May 2000, the first IASC Foundation Constitution was approved by the Members of IASC. (Members of the IASC were the professional accounting organisations that were also IFAC members).
  • On 5 March 2002, certain paragraphs were were revised by the Trustees of the IASC Foundation, effective on that date. Those revisions were necessary to implement certain aspects of the IASB's Preface to IFRS relating to the Standing Interpretations Committee.
  • The Constitution requires the Trustees to review the Constitution every five years.
  • In November 2003, the trustees of the IASC Foundation announced the appointment of a committee to review the IASB's Constitution.
  • On 21 June 2005, the Trustees of the IASC Foundation gave final approval to a broad range of changes to the Constitution, effective 1 July 2005. Information about the changes may be found here.
  • On 31 October 2007, the Trustees of the IASC Foundation revised the Constitution to reflect the expansion of IFRIC to 14 members, effective immediately. The version of the Constitution downloadable above reflects these changes.
  • At their 31 October 2007 meeting, the Trustees announced (PDF 55k) that a comprehensive Constitution Review would be undertaken in 2008-2009. That Constitution review was conducted in two phases. In January 2009, the Trustees voted to revise the constitution for changes resulting from the first phase of the review, including formation of a Monitoring Board. In February 2010, the Trustees completed the second phase of the review (click for decisions made in phase two).
  • Following completion of their 2008-2010 Constitution Review, the Trustees revised the Constitution effective 1 March 2010.
  • Following the recommendations of the Trustees’ 2011 Strategy Review IFRSs as the Global Standards: Setting a Strategy for the Foundation’s Second Decade and the Monitoring Board’s governance review of the IFRS Foundation Final Report on the Review of the IFRS Foundation’s Governance, the Trustees amended the Constitution to reflect changes regarding the separation of the role of Chairman of the IASB and Chief Executive Officer of the IFRS Foundation. The Trustees approved the changes on 23 January 2013 for immediate effect.
  • In February 2014, the IFRS Foundation Trustees announced they intend to start their next review of the structure and effectiveness of the IFRS Foundation in 2015, with one particular area to be examined being the optimum size of the IASB.
  • On 7 July 2015, the Trustees launched the 2015 review by publishing a Request for Views document.
  • On 10 June 2016, the the Trustees published their conclusions on the 2015 review in a Feedback Statement and published an exposure draft of amendments to the Constitution for those areas of their decisions on the 2015 review that necessitate changes to the Constitution.
  • The final amendments to the Constitution resulting from the process, published on 30 November 2016 and effective 1 December 2016 saw changes in ten areas: geographical distribution of the Trustees, professional background of the Trustees, remuneration of the Trustees, focus and frequency of reviews of structure and effectiveness of the IFRS Foundation, size of the Board, professional background of the Board, geographical distribution of the Board, terms of reappointment of the Board, voting requirements for the Board, and meetings of the Advisory Council.
  • On 29 November 2018, the Trustees of the IFRS Foundation amended the Constitution effective 1 December 2018 to set the maximum tenure of the Trustee Chair and Vice-Chairs to nine years, to clarify that the Chair can be appointed either from among the Trustees or externally, and to specify that the Vice-Chairs must be appointed from the Trustee ranks.



Correction list for hyphenation

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