The International Accounting Standards Committee Foundation, the oversight body for the International Accounting Standards Board, has taken several steps to enhance its governance structure and allow more input from government securities regulators, as well as investors.
The IASB is responsible for setting International Financial Reporting Standards and working with other countries to adopt them. The governance effort will involve creating a monitoring body that would meet regularly with IASC Foundation trustees to represent the interests of the global investor community.
The monitoring body would also be responsible for final approval of trustee nominees and have the opportunity to review the trustees' procedures for overseeing the standards-setting process and ensuring the IASB's funding.
The moves will take place in conjunction with a constitutional review for the IASC Foundation that is scheduled for next year. The trustees plan to establish a formal reporting link to official organizations, including securities regulators. They also hope to set up mechanisms for meeting with other groups, such as official organizations, policymakers and private sector institutions.
The IASC is looking to broaden its funding base and has been setting up national funding schemes, voluntary programs and fundraising efforts in various countries around the world.
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