The Trustees of the International Accounting Standards Committee Foundation agreed on the process for the second five-yearly Constitution Review and completed proposals for immediate consultation on the creation of a Monitoring Group and the size and composition of the IASB. The constitution review should be complete by the end of 2009.
Two issues, one on the governance and public accountability of the Foundation and another concerning the composition of the IASB, will be dealt with separately with a view to implementation on 1 January 2009.
The remaining issues will be dealt comprehensively beginning with a consultation document in the second half of 2008 inviting respondents to raise constitutional issues. The Trustees intend to publish later this month for public comment their proposals regarding the Monitoring Group and the composition of the IASB.
Timetable:
April 2008
Publication of proposals concerning public accountability and IASB size/geographical diversity—the first track of the Constitutional Review. Comment period to end on 31 July.
April-August 2008
Trustees to meet interested parties to discuss proposals on the first track
September 2008
Constitution Committee to develop proposals to present to full Trustees, based upon analysis of comment letters and other input on the first track proposals.
October 2008
Trustees to conclude the first track of Constitution Review at Beijing meeting. Changes to take effect for 1 January 2009.
October or November 2008
Trustees to publish a discussion document inviting views on other issues to be incorporated as part of the Constitutional Review— the second track of the Constitution Review.
October 2008-January 2009
Trustees to meet interested parties to discuss the second track of Constitution Review.
February 2009
Trustees to develop list of issues and the Constitution Committee to develop proposals.
April 2009
Trustees to publish other constitutional proposals on issues identified.
April 2009-October 2009
Trustees to hold a series of meetings on proposals, possibly including public round-table discussions.
October-November 2009
Conclusion of the Constitutional Review.
Press release
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