Friday, April 29, 2011

IFRS Foundation Seeks Comment On 2nd Strategy Review Document

Earlier this week, the International Financial Reporting Standards Foundation, which oversees the International Accounting Standards Board, and the Monitoring Board established as a linkage between the IFRSF and public authorities, issued a joint statement “reaffirm[ing] their commitment to seeking close co-ordination in taking forward their respective efforts in reviewing the Foundation’s governance and strategy.”

The ‘respective efforts’ of the Monitoring Board and the IFRSF include the governance review of the IFRSF, being conducted by the Monitoring Board (addressing the composition, roles and responsibilities of the Monitoring Board, IFRSF and IASB), and the strategy review being conducted by the IFRSF Trustees (addressing the IFRSF’s mission, governance, and funding, as well as the IASB’s standard-setting process, including operational aspects of due process and standard-setting oversight).

According to the IFRSF, an integrated package of improvements covering the Monitoring Board and the Trustee’s Strategy Review is expected to be issued by the end of August. To help inform their work, a series of roundtables will be held in June in Tokyo, Hong Kong, New York and London.

In addition, as follow-on to the first IFRSF strategy review document issued in November, 2010 (see Nov. 2010 report and comments) a second document was released for public comment this week, entitled: Report of the Trustees Strategy Review: IFRSs as the Global Standard: Setting a Strategy for the Foundation’s Second Decade. The comment deadline on the most April, 2011 IFRSF strategy review report is July 25.

Due Process Oversight Committee
In related news, the IFRSF Due Process Oversight Committee, chaired by David Sidwell, has published various meeting summaries, its calendar and agenda, and related documents, in a separate section of the IFRSF website. See DPOC.

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