The trustees of the International Accounting Standards Committee have proposed changes in the International Accounting Standards Board that would expand the number of members, alter its geographic composition, and impose new oversight from government regulators.
The size of the IASB would grow from 14 to 16 members under the proposed changes. There would also be new guidelines for the geographical diversity of members of the IASB.
A third proposal would establish a formal link between the IASB and a monitoring group made up of representatives of public authorities and international organizations accountable to the public authorities. The purpose of the changes is to enhance the transparency and public accountability of the IASC Foundation while not impairing the independence of the standard-setting process.
The initial membership of the monitoring group would include a member of the European Commission, the managing director of the International Monetary Fund, the chair of the IOSCO Emerging Markets Committee, the chair of the IOSCO Technical Committee, the commissioner of the Japan Financial Services Agency, the chairman of the U.S. Securities and Exchange Commission and the president of the World Bank.
The monitoring group would be able to approve the selection of any IASC trustees. The trustees in turn would regularly report back to the monitoring group on the board's activities.
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