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IASC Foundation
Chairman | Trustees | Trustee Committees | Trustee Advisory Group | Future Funding
The governance of the IASB and its related bodies is ultimately in the hands of the Trustees of the International Accounting Standards Committee (IASC) Foundation. There are 22 Trustees. The IASC Foundation’s Constitution provides that the Trustees must
show a firm commitment to the IASC Foundation and the IASB as a high quality global standard-setter, to be financially knowledgeable, and to have an ability to meet the time commitment. Each Trustee shall have an understanding of, and be sensitive to, international issues relevant to the success of an international organisation responsible for the development of high quality global accounting standards for use in the worlds capital markets and by other users. [Paragraph 6] The Trustees appoint the members of the IASB, the International Financial Reporting Interpretations Committee (IFRIC) and the Standards Advisory Council. In addition they:
- review annually the strategy of the IASB and its effectiveness.
- approve annually the budget of the IASB and determine the basis for funding.
- review broad strategic issues affecting accounting standards, promote the IASB and its work and promote the objective of rigorous application of International Financial Reporting Standards (however, they are excluded from involvement in technical matters relating to the standards).
- establish and amend operating procedures for the IASB, the IFRIC and the Standards Advisory Council;
- approve amendments to the Constitution after following a due process, including consultation with the Standards Advisory Council and publication of an Exposure Draft for public comment;
- exercise all powers of the IASC Foundation except those expressly reserved to the IASB, the IFRIC and the Standards Advisory Council.
[see Constitution, paragraph 20]
The Trustees are not responsible for setting International Financial Reporting Standards. That responsibility rests solely with the IASB.
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