The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has published a first-stage consultation document designed to solicit input on the strategy of the IFRS Foundation as it enters its second decade. The Trustees initiated this review as a result of the second Constitution Review that was completed earlier this year.
In launching the review, the Trustees note that in the ten years since its founding, the Foundation has succeeded in establishing IFRSs as the accepted set of financial reporting standards in more than 100 countries. As the organisation’s 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 Trustees are seeking views of stakeholders on four strategic fronts—the IFRS Foundation’s mission, governance, the standard-setting process, and financing of the IFRS Foundation. The Trustees invite public comment on the consultation document by 31 December 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 first decade of the IFRS is a remarkable success. 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,” says Tommaso Padoa-Schioppa, Chairman of the Trustees.
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