IASCF constitution review proposals published
The Monitoring Group is aimed at enhancing the IASCF's transparency and public accountability, while not impairing the independence of the standard-setting process
Trustees of the international standard setter have published final proposals
to review the constitution.
The plans include the establishment of a Monitoring Group, a formal link
between the organisation and public authorities as well as expansion of the
membership of the standard setters’ board to increase geographical diversity.
In a statement, the International Accounting Standards Committee Foundation –
which oversees the work of the
International Accounting
Standards Board – said the Monitoring Group is aimed at enhancing the
IASCF’s transparency and public accountability, while not impairing the
independence of the standard-setting process.
The initial membership of the Monitoring Group would comprise a member of the
European Commission, the managing director of the International Monetary Fund,
the chair of the IOSCO Emerging Markets Committee, the chair of the IOSCO
Technical Committee, the commissioner of the Japan Financial Services Agency,
the chairman of the US Securities and Exchange Commission, and the president of
the World Bank.
The Monitoring Group would have the responsibility of approving the selection
of Trustees, who will report to the Monitoring Group regularly to enable it to
address whether and how the Trustees are fulfilling their role set out in the
Constitution.
Further reading:
EU ministers move to rein in IASB powers
Standard chiefs to get new global monitors