The International Accounting Standards Boards oversight body has proposed a series of changes aimed at providing better governance of the standard-setter, including renaming the organization the International Financial Reporting Standards Board.
The trustees of the International Accounting Standards Committee Foundation have proposed an amendment aimed at enhancing consultation on the standard-setting agenda with the trustees and the Standards Advisory Council, with a possibility for others to comment. Another proposal would expand the IASBs liaison with other organizations, including other standard-setters and official organizations with an interest in the standard-setting process. The IASB has already set up links to an outside Monitoring Board of financial regulators from various countries.
The trustees have also proposed setting up a procedure that would allow for an accelerated period of public consultation on standards, shorter even than the current 30-day accelerated process. The shorter time period would be for exceptional occasions when major unforeseen developments arise.
The IASC Foundation trustees also plan to achieve more of a geographical balance by adding trustees from South America and Africa, as the IASB already has done on its board.
Another proposal would change the name of the IASC Foundation to the IFRS Foundation and the IASB to the IFRS Board for the sake of consistency. The name changes would emphasize the two organizations commitment to International Financial Reporting Standards.
Separately, the IASB and the Accounting Standards Board of Japan reaffirmed their commitment to convergence of accounting standards in a meeting this week between ASBJ Chairman Ikuo Nishikawa and IASB Chairman Sir David Tweedie. The IASB also provided an update to the Japanese on the convergence process between the IASB and the U.S. Financial Accounting Standards Board and the measures undertaken by the IASB in response to the financial crisis.
