The final proposal to reform the constitution of the international standard setter will include a monitoring group to act as a link to public authorities.

Trustees of the International Accounting Standards Committee Foundation, who met in Washington two weeks ago, also determined that the new group would operate through a reporting mechanism, so as to not impair the independence of the standard-setting process.

The IASB would also increase in size to 16 members, the trustees suggested, with new guidelines for new membership which would take into account their geographical diversity.

No date has yet been given by when the final proposals will be published – but comment on them is expected by 20 September.

The Due Process Oversight Committee and the IASB have also agreed to launch a review of the effectiveness of existing IASB working groups.

On the funding front, the IASCF revealed that it had raised £13.7m in annual funding commitments, against a £16m target.

'While additional funds are being raised, revenue from publications and related activities and investment income will finance the remaining portion of the budget,' an IASCF statement said.

While most countries have established formal funding systems through levies, some – such as France, Germany and the US – still operate voluntary funding regimes.

Further reading:

Report from Washington

Standard chiefs to get new global monitors

The yeas and nays of the monitoring group