IASC Foundation amends Constitution

The Trustees of the IASC Foundation, the oversight body of the International Accounting Standards Board (IASB), have announced important amendments to the organisation’s Constitution, as well as a summary of other agreements reached on January 15-16, 2009. Highlights include: Significant enhancement to the organisation’s public accountability by establishing a link to a Monitoring Board of public authorities; IASB to be expanded from 14 to 16 members by 2012, with criteria added to ensure geographical diversity; Enhanced liaison with investor groups; Constitutional changes to directly address G20 recommendations; and Free availability of core standards through the public website. (Read the IASB Press Release.)