Global Standards for the world economy

Friday 20 September 2019

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2015 Review of Structure and Effectiveness—Introduction


In 2015, the Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (the Board) commenced a review of the structure and effectiveness of the IFRS Foundation.

The latest review is the fifth to be conducted by the Trustees, and as such is focused on evaluating and refining the current structure and activities of the organisation (including those established as a result of previous reviews), as well as considering the future role of the organisation.

The review focused on three main areas:

  1. ensuring that the relevance of IFRS Standards is maintained: considering the evolving financial, and wider corporate, reporting landscape, as well as potential implications of technological developments for financial reporting;
  2. consistency of the application of IFRS Standards: looking at the IFRS Foundation's approach to supporting the consistent application of IFRS Standards and whether there is anything more it could, or should, be doing considering the limitations; and
  3. governance and financing: proposing further enhancements, including changes with respect to the size of the Board.

In July 2015 the Trustees published proposals for this review in a public consultation document. Nearly 100 comment letters were received on this document, and the Trustees also performed outreach events in the comment period. In the light of the feedback received in June 2016, the Trustees published their conclusions on the review, along with an Exposure Draft of amendments to the IFRS Foundation Constitution for those areas of their decisions that necessitate changes to the Constitution.

To access the July 2015 consultation document, and the comment letters on that document, click here.

To access the summary of decisions on the review, click here.

To access the Exposure Draft of amendments to the Constitution, click here

2016 Amendments to the IFRS Foundation Constitution


Following the Exposure Draft and the consultation, the Trustees agreed to amend the IFRS Foundation Constitution in accordance with the proposed changes.

In November 2016 the Trustees published the Feedback Statement on the consultation which includes the changes made to the Constitution and the IFRS Foundation Constitution itself, which became effective 1 December 2016.