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The Trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the IASB, announced proposals to enhance the organisation’s governance arrangements and reinforce the organisation’s public accountability. The Trustees will begin a series of consultations with key stakeholders on these proposals in the build up to the Constitution Review, which is scheduled to start in 2008.
Trustees have now adopted the following proposals as a result of their strategy review:
- Establish a formal reporting link to official organisations: The Trustees should establish a link to a representative group of official organisations, including securities regulators.
- Develop a multi-layered, multi-faceted approach to accountability beyond the formal link to official organisations: The Trustees should intensify and deepen their engagement with key stakeholder groups and develop mechanisms for the Trustees to receive input outside formalised procedures.
- Create a mechanism for public input to the Trustees outside regularly scheduled meetings with specific stakeholder groups: The Trustees should establish enhanced mechanisms for input from interested parties who wish to comment on the IASC Foundation’s and the IASB’s policies, processes, and procedures.
- Continue efforts towards a sustained, broad-based funding regime
Other issues reviewed include:
- Broad-based funding regime
- Commitment to convergence, MoU
- Expansion of IFRIC to 14 members
- Review of feedback statements, impact assessments