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Aiming for Global Accounting StandardsThe International Accounting Standards Board, 2001–2011$
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Kees Camfferman and Stephen A. Zeff

Print publication date: 2015

Print ISBN-13: 9780199646319

Published to Oxford Scholarship Online: June 2015

DOI: 10.1093/acprof:oso/9780199646319.001.0001

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The IASC Foundation’s First Constitution Review

The IASC Foundation’s First Constitution Review

Debating Governance and Due Process

Chapter:
(p.165) 7 The IASC Foundation’s First Constitution Review
Source:
Aiming for Global Accounting Standards
Author(s):

Kees Camfferman

Stephen A. Zeff

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199646319.003.0007

The tensions over IAS 39 and controversy over some of the IASB’s other projects, turned the first five-yearly review of the IASC Foundation Constitution into a debate on how to square the IASB’s identity as an independent technical expert group with demands for oversight and control from jurisdictions where IFRSs had the status of law. Key questions discussed included the appointment process of trustees and board members, control over the IASB’s agenda, and ensuring constituents’ right to a proper hearing by the IASB. In the end, the trustees made only minor adjustments to the Constitution. Yet, it was recognized that the trustees should be more active in overseeing the IASB, that the Board should enhance its procedures for consultation and feedback, and that establishing some form of accountability still required attention.

Keywords:   IASC Foundation Constitution, IASC Foundation Constitution review, IASB governance, due process, IASB agenda, IASC Foundation trustee appointments, IASB board appointments, IFRS

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