Standards setter wants name change to IFRS Board

The international accounting standards setter could see itself work more
closely with other organisations and fast-track decisions as part of its plan to
update and enhance its effectiveness – and throw in a couple of name changes for
good measure.

The Trustees of the
Accounting Standards Committee Foundation
, the oversight body of
the International Accounting Standards Board (IASB), want to improve
consultation on standard setting.

They want greater flexibility in the standard setter’s constitution to
emphasise its desire of expanded liaison, not only with accounting
standard-setters, but with other official organisations with an interest in the
standard-setting process.

The IASCF also wants to change its name to the IFRS Foundation, with the IASB
renamed to the IFRS Board.

Gerrit Zalm, chairman of the Trustees of the IASC Foundation said the
proposals were the next step on from enhancement made to the bodies during the
first part of its constitutional review undertaken after feedback from the G20.

“We now turn our attention to other areas that we have been asked to consider
by interested parties. The proposals seek to provide further enhancements, and I
look forward to hearing views through the consultation exercise and the upcoming
round-table discussions,” said Zalm.

The consultation runs until 30 November.

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