The trustees of the IFRS Foundation are asking the public for input on its future strategy.
The trustees of the foundation, which oversees the International Accounting Standards Board, initiated the review as the result of a second Constitution Review that was completed earlier this year. The foundation was known until July as the International Accounting Standards Committee Foundation.
In launching the review, the trustees noted that in the 10 years since its founding, the foundation has succeeded in establishing International Financial Reporting Standards as the accepted set of financial reporting standards in more than 100 countries. As the organisations second decade begins, the goal of a single high-quality globally accepted set of accounting standards is within reach. The objective of the review is to help the organisation to consolidate and build on these achievements and achieve its ultimate objective.
The first decade of the IFRS [Foundation] is a remarkable success, said Chairman Tommaso Padoa-Schioppa in a comment. In that time, we have gone from national to international accounting standards, and we are now firmly on the path to global standards. We now need to consolidate and build on this success so that we can address the challenges of the new decade.
The trustees are seeking the views of stakeholders on four strategic frontsthe IFRS Foundations mission, governance, standard-setting process, and financing. The trustees invite public comment on the consultation document by Dec. 31, 2010, and expect to conclude the strategy review during their meeting in March 2011. The strategy review is designed to be far-reaching and the trustees have yet to reach any conclusions.
The strategy review consultation document is available from the IFRS Foundation/IASB Web site at http://go.ifrs.org/strategyreview.
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