IFRS Foundation to cut board size and improve transparency

IFRS Foundation to cut board size and improve transparency

IFRS Foundation says it will take steps to enhance visibility of trustee oversight of the IASB, including making meetings of the Due Process Oversight Committee public

THE trustees of the IFRS Foundation, responsible for the governance and oversight of the IASB, have today outlined a series of changes to make the accounting standard setter more transparent and effective.

Under the proposed changes, the board will be cut from 16 to 13 members and the geographic distribution of members will be altered by combining the North American and South American allocations into a single ‘Americas’ category.

The trustees received broad support for the existing three-tier governance structure, but the body said it will take steps to enhance visibility of trustee oversight of the Board, including making meetings of the Due Process Oversight Committee public.

The latest review is the fifth to be conducted by the Trustees, and follows a period of acrimony between the IASB and MEPs over how the standard setter is funded and made accountable to tax payers.

It added that it received broad support to maintain the current ‘three-pillar’ funding model until the funding regime based on publicly supported financing is fully achieved.

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