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February 20, 2013

IFRS Foundation undergoes constitutional revision

The IFRS Foundation has issued an amended version of its constitution approved by the trustees at a meeting held in January.

The IFRS Foundation constitution requires the trustees to review its fundamental charter every five years. The previous five-yearly review of the constitution started in February 2008 and led to proposed changes on the structure of the organisation.

The approved constitutional amendments confirm the separation between the roles of the chairman of the International Accounting Standard Boards (IASB) and chief executive of the IFRS Foundation.

In a statement the standard setter said the change has already been implemented and that it goes in line with the governance review undertaken by the foundation’s Monitoring Board in February 2012.

The IFRS Foundation explained the chair of the IASB no longer serves as chief executive; a role has now been filled by executive director Yael Almog, who was appointed to this position in early 2012.

Changes are effective immediately.

Related link

IFRS Foundation constitution

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