IFRS constitution change formally splits IASB chair, foundation CEO roles

BY KEN TYSIAC

The IFRS Foundation is changing its constitution to reflect the separation of the roles of the foundation’s CEO and the chairman of the International Accounting Standards Board (IASB).

This move formalizes a separation that previously was implemented following an internal structure reorganization at the end of 2011.

The chair of the IASB, currently Hans Hoogervorst, will no longer serve as CEO of the IFRS Foundation. The CEO position is included in the new role of executive director of the foundation.

Yael Almog, who directed the International Affairs department of the Israel Securities Authority, was appointed to the executive director position in January 2012.

A drafting review of the change in the constitution is available on the IFRS website; comments can be made through Oct. 23.

The IASB chair retains full responsibility for all standard-setting matters, including resources. The separation was made to ensure segregation of responsibilities for IASB operations to prevent an actual or perceived conflict of interest in standard setting.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.