10 ways to improve IFRS Foundation

BVWireIssue #113-3
February 15, 2012

Last week the IFRS Foundation Monitoring Board released its Final Report on the Review of the IFRS Foundation’s Governance, completing a two-year project to assess whether the foundation’s structure sufficiently promoted the primary mission of the International Accounting Standards Board (IASB) to develop “high quality, understandable, enforceable and globally accepted accounting standards” while maintaining the “accountability and independence of the IASB,” according to the report’s executive summary. After considering stakeholder feedback, the Monitoring Board intends to proceed with certain enhancements including:

  1. membership and capital markets representation
  2. consensus-based decision making
  3. involvement of other public and international authorities
  4. referrals to IASB agenda items
  5. selection of IASB chair
  6. framework for IASB composition
  7. transparency of Monitoring Board functions
  8. foundation funding
  9. Monitoring Board Secretariat
  10. periodic governance reviews
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