In 2015, the Trustees of the International Financial Reporting Standards (IFRS) Foundation, the oversight body of the International Accounting Standards Board (IASB), commenced a review of the structure and effectiveness of the IFRS Foundation.
The review is the fifth to be conducted by the Trustees, and as such focussed on evaluating and refining the current structure and activities of the organisation, as well as considering the future role of the organisation. The conclusions include proposals i) to further enhance governance and funding arrangements of the IFRS Foundation; ii) to strengthen the relevance of IFRS Standards and iii) and to support consistent application of IFRS Standards. More information can be found on: http://www.ifrs.org/Alerts/Governance/Pages/Trustees-conclude-review-of-structure-and-effectiveness-of-the-IFRS-Foundation.aspx
The Trustees have proposed amendments to the Constitution to facilitate the above changes to the governance and funding of the IFRS Foundation. More information can be found on: http://www.ifrs.org/About-us/IFRS-Foundation/Oversight/Trustees/Trustee-reviews-of-structure-and-effectiveness/2015-Review-of-Structure-and-Effectiveness/Documents/ED-Proposed-Amendments-to-IFRS-Foundation-Constitution.pdf
As we are of the opinion that there is a strong need for further measures to enhance democratic legitimacy, transparency, accountability and integrity, we have participated in the public consultation of the IFRS Foundation. Our comments can be downloaded here: Comment letter MEP Sven GIEGOLD on IFRS Trustees Review
