The Trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the International Accounting Standards Board (IASB), announced constitutional changes that address recommendations made in comment letters from numerous stakeholders, including the AICPA, as well as those made by G-20 leaders at the group’s November summit in Washington, D.C.
The constitutional amendments are intended to enhance public accountability by establishing a link to a monitoring board of public authorities, according to an IASC Foundation press release. The IASB will be expanded from 14 to 16 members by 2012, with criteria added to ensure geographical diversity. Core standards will also be made available for free through a Web site, and the IASC Foundation has pledged to work more closely with investors through a regular liaison with a wide range of investor groups represented in the reconstituted Standards Advisory Council.
The monitoring board will comprise leaders from the Emerging Markets and Technical Committees of the International Organization of Securities Commissions (IOSCO), the European Commission, the Japan Financial Services Agency and the U.S. SEC. For more information, visit www.iasb.org.
The International Accounting Education Standards Board (IAESB), an independent standard-setting board within IFAC, proposed a revised framework for International Education Standards (IES).
The proposed framework consists of two parts. Part one explains the educational concepts of competence, initial professional development, continuing professional development, and measurement of the effectiveness of learning and development, which the IAESB will use when developing IES. Part two describes the nature of IES as well as the related IAESB pronouncements and IFAC member body obligations.
The framework is targeted primarily to IFAC member bodies that have direct or indirect responsibility for the learning and development of their members and students.
Comments are due April 30. The exposure draft can be viewed at www.ifac.org/EDs.