The IFRS Foundation Monitoring Board said that
one of its main tasks is to ensure that membership of the
International Accounting Standards Board (IASB) includes more
diverse geographical and professional backgrounds.
A report on the review of the IFRS
Foundation’s governance examines whether the current governance
structure effectively promotes the standard-setter’s primary
mission of setting high quality, globally accepted standards and
whether the standard-setter is appropriately independent yet
accountable.
The consolation report recommends the
separation of the dual roles of the IASB chair and CEO of the
Foundation, and making clearer separation of staff dedicated to
standard-setting from staff working on other Foundation activities
including IASB oversight.
The report also contains a proposal to expand
the membership to include more capital markets authorities
responsible for setting the form and content of financial reporting
in their respective jurisdictions, while limiting the overall size
of the body to ensure efficiency and effectiveness.
The Monitoring Board said this could be
achieved through adding four permanent seats primarily for
authorities from major emerging markets and two rotating seats for
authorities from markets not represented in the Monitoring Board
membership.
The consultation report also asks whether the
role of the Monitoring Board should be more prominent in the
selection of the IASB Chair and whether the current arrangements
for Monitoring Board involvement in the IASB’s agenda-setting are
appropriate.
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By GlobalDataThe consultation is open until the 8 April and
the Monitoring Board plans to arrange public meetings with
stakeholders in Asia, Europe and the Americas.
