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This Consultation document is issued by the IFRS Foundation for comment only. Comments on the document need to be received by October 15, 2015.
The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), published for public comment proposals to further enhance the structure and effectiveness of the organisation.
The IFRS Foundation’s Constitution requires the Trustees to undertake a review of the structure and effectiveness of the organisation every five years. Previous reviews, published in 2005, 2010 and 2012, recommended significant enhancements to the governance, accountability and operational efficiency of the IFRS Foundation and the IASB, while a Governance Review by the IFRS Foundation Monitoring Board was completed in 2012. The recommendations of all reviews have been implemented.
The 2015 review will focus on three main areas:
1. ensuring that the relevance of IFRS is maintained: considering the evolving financial, and wider corporate, reporting landscape, as well as potential implications of technological developments for financial reporting;
2. consistency of the application of IFRS: looking at the IFRS Foundation’s approach to supporting the consistent application of IFRS and whether there is anything more it could, or should, be doing considering the limitations; and
3. governance and financing: proposing further enhancements, including changes with respect to the size of the IASB.
Comments are invited on the proposals in this document, particularly on the question set out in it.
Invitation to comment
ASB invites comments on the document from the public. The downloadable version of the draft is available at:
http://www.ifrs.org/About-us/IFRS-Foundation/Oversight/Trustees/Documents/WEBSITE_IFRS-Foundation-Trustees-Review%20-of-Structure-and-Effectiveness_JULY-2015.pdf
How to comment
Comments should be submitted using one of the following methods:
| 1. Electronically: |
Click on the below mentioned option to submit a comment letter or Visit at the following link (Preferred method):
http://www.icai.org/comments/asb/ |
| 2. Email: |
Comments can be sent to: commentsasb@icai.in |
| 3. Postal: |
Secretary, Accounting Standards Board,
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg,
New Delhi 110 002 |
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