The IFRS Foundation Monitoring Board said that
one of its main tasks is to ensure that membership of the
International Accounting Standards Board (IASB) includes more
diverse geographical and professional backgrounds.

A report on the review of the IFRS
Foundation’s governance examines whether the current governance
structure effectively promotes the standard-setter’s primary
mission of setting high quality, globally accepted standards and
whether the standard-setter is appropriately independent yet

The consolation report recommends the
separation of the dual roles of the IASB chair and CEO of the
Foundation, and making clearer separation of staff dedicated to
standard-setting from staff working on other Foundation activities
including IASB oversight.

The report also contains a proposal to expand
the membership to include more capital markets authorities
responsible for setting the form and content of financial reporting
in their respective jurisdictions, while limiting the overall size
of the body to ensure efficiency and effectiveness.

The Monitoring Board said this could be
achieved through adding four permanent seats primarily for
authorities from major emerging markets and two rotating seats for
authorities from markets not represented in the Monitoring Board

The consultation report also asks whether the
role of the Monitoring Board should be more prominent in the
selection of the IASB Chair and whether the current arrangements
for Monitoring Board involvement in the IASB’s agenda-setting are

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The consultation is open until the 8 April and
the Monitoring Board plans to arrange public meetings with
stakeholders in Asia, Europe and the Americas.