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The reviews build upon the achievements of the last 11 years, during which IFRSs have become the internationally-accepted language of financial reporting, required or permitted for use by companies in more than 100 countries. Together, the reviews propose a clear strategy and sound governance platform on which the IFRS Foundation and the IASB can continue to work towards their goal of becoming the global accounting standard-setter.
The Monitoring Board conducted a wide-ranging review focusing primarily on institutional aspects of governance, particularly the composition and respective roles and responsibilities of the Monitoring Board, the Trustees and the IASB. The Trustees’ strategy review sought to articulate a clear strategy and vision for the organisation as it enters its second decade by considering the mission, governance, standard-setting process and financing of the IFRS Foundation.
The reviews have been conducted in an independent but coordinated manner that recognises the two bodies’ separate responsibilities. The Monitoring Board and the Trustees are publishing the conclusions of the two reviews as a package to reflect a shared desire to coordinate their activities in a way that promotes the primary mission of the Foundation to set high quality, globally accepted financial reporting standards.
Both sets of reviews were subjected to extensive global public consultation and discussions with interested parties.
The Monitoring Board will proceed with steps to put into operation the improvement measures, while the Trustees will initiate the process for considering revisions to the Constitution. The two bodies will follow through with actual implementation of the recommendations in a closely coordinated manner, referring to the timelines in the action plan appended to the Monitoring Board’s report.