IASC members approve restructuring
Members of the International Accounting Standards Committee have unanimously agreed to approve a new constitution which will allow a major restructuring to take effect.
The decision by the members, which includes the professional accountancy bodies in more than 100 countries, marked the final stage in approval of the new constitution for the committee.
It follows the approval in March 2000 of the new constitution which implements the recommendations of the IASC’s working party made in the report Recommendations on Shaping IASC for the Future.
Earlier this week the IASC’s nominating committee announced selection of the initial group of trustees to the restructured committee.
The appointments included the former chairman of the US Federal Reserve Paul Volcker to chairman of trustees.
Stig Enevoldsen, IASC chairman, said: ‘By approving the new constitution, the IASC have shown their wisdom and devotion to the public interest. This was a vital decision for the future of IASC and I am proud that it has been taken while I am chairman.’