IFRS Foundation to cut board size and improve transparency

Trustees of the IFRS Foundation, responsible for the governance and oversight of the IASB, have outlined a series of changes, as follows:

• The board will be cut from 16 to 13 members
• The geographic distribution of members will be altered by combining the North American and South American allocations into a single ‘Americas’ category.

The trustees received vast support for the existing three-tier governance structure, however wish to:

• Enhance visibility of trustee oversight of the Board
• Make meetings of the Due Process Oversight Committee public.

The Trustees have conducted five review to date. It follows a period of acrimony between the IASB and MEPs to establish funding and how it is made accountable to tax payers.

For further information contact Salhan Accountants.