The Trustees of the International Financial Reporting Standards (IFRS) Foundation have amended the IFRS Foundation Constitution to implement changes based on their 2015 Review of Structure and Effectiveness (2015 Review).
In 2015, the IFRS Foundation Trustees began the fifth review of the structure and effectiveness of the IFRS Foundation, conducted as required by the Constitution. The objective of the 2015 Review was to evaluate and refine the existing structure and activities of the IFRS Foundation, including structures and activities established as a result of previous reviews. The 2015 Review also evaluated the future role of the IFRS Foundation.
After two rounds of public consultation, the Trustees have amended the Constitution to make changes to requirements affecting the International Accounting Standards Board (IASB) members and IFRS Foundation Trustees, including to:
- Amend their geographical distribution
- Amend their professional background requirements
- Reduce the number of IASB members from 16 to 14.
The changes to the Constitution are effective 1 December 2016.
The revised Constitution is available on this link.
The Feedback Statement, Trustees’ Review of Structure and Effectiveness: Amendments to the IFRS Foundation Constitution, is available on this link.
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