IASB: Joint Statement by the Monitoring Board and the Trustees of the IFRS Foundation
27 April 2011
The Monitoring Board and the Trustees of the IFRS Foundation reaffirmed their commitment to seeking close co-ordination in taking forward their respective efforts in reviewing the Foundation’s governance and strategy.
The Trustees’ Strategy Review sets out a series of recommendations in four areas—the IFRS Foundation’s mission, governance, the standard-setting process, and financing of the IFRS Foundation—including operational aspects of due process and standard-setting oversight. Those interrelated reviews are being conducted independently in a manner consistent with their separate but linked Constitutional responsibilities. At the same time, the two bodies strongly share the view that the two projects should result in an integrated package of measures for continued enhancement of the standard-setter’s governance reflective of the increasing global acceptance of IFRSs around the world. In this vein, the two bodies will co-ordinate closely to develop a package of improvements, expected to be issued by the end of August this year.
- The Monitoring Board will consider the comments received during the public consultation period and prepare a feedback statement for publication in the coming months, describing its decisions and the reasons. It will then draw up an action plan for implementing identified governance improvements.
- With the benefit of the comments received in response to their initial consultation document, the Trustees of the Foundation today issued a report on their strategy review. The strategy review document is available on the IFRS Foundation’s website. The Trustees welcome any comments received during the 90-day comment period. During this period, the Trustees plan to organise public round tables in Hong Kong, London, New York and Tokyo to enhance stakeholder engagement. Consistent with the commitment to co-ordinate, representatives of the Monitoring Board will participate in the round tables as observers. The Trustees intend to issue a report on their measures after taking into account actions resulting from the Monitoring Board’s governance review and having considered the comments received in the process.
Strategy review round tables will be held on:
• 7 June 2011, Tokyo
• 8 June 2011, Hong Kong
• 13 June 2011, New York
• 21-22 June 2011, London.
Press release
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