IFRS Foundation Makes "Tweak" to Constitution

Chris Gaetano
Published Date:
Nov 30, 2016
Change Ahead Road Sign

The IFRS Foundation, the organization that oversees the International Accounting Standards Board, has amended its constitution to, among other things, reduce the size of the board and change the geographical distribution of its trustees, according to an announcement released today. The changes came as part of a required review of the IFRS Foundation's structure that is to take place every five years. The main changes include: 

*  a reduction in the number of Board members from 16 to 14, which is the number of members the Board has been operating with for a while;

* amendments to the geographical distribution of Board members and Trustees; and

* amendments to Board members’ and Trustees’ professional background requirements.

"The amendments to the Constitution follow a very thorough review and consultation process, striking a balance between all the helpful input we received from constituents," said Michel Prada, chair of the IFRS Foundation Trustees. "These changes safeguard the flexibility required to meet the evolving demands on the organisation and ensure the composition of both Trustees and Board members is as inclusive and balanced as it needs to be for the organisation to operate effectively." 

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