The trustees of the International Accounting Standards Committee (IASC) Foundation published a discussion document containing proposals that would establish a formal link between the IASC Foundation and a monitoring group composed of representatives of public authorities and international organizations that are accountable to public authorities. The proposals would also expand the membership of the International Accounting Standards Board (IASB) to 16 members and add new guidelines regarding the geographical diversity of the membership.
The establishment of the link to a monitoring group is aimed at enhancing the transparency and public accountability of the IASC Foundation, while not impairing the independence of the standard-setting process, according to an IASC Foundation news release.
The discussion document, Review of the Constitution: Public Accountability and the Composition of the IASB—Proposals for Change, is available at www.iasb.org/ NR/rdonlyres/12CC476D-B88F-418A- 826F-71A7465FC2E0/0/Proposal_ and_issues_for_the_Constitution.pdf.