GLOBAL - The trustees of the International Accounting Standards Committee (IASC) Foundation have issued proposals to create a monitoring group and expand IASB geographical membership to improve transparency and diversity.
Composition of the IASB - Proposals for Change, where IASC set a deadline of 20 September for public comment.
The organisation said linking with a monitoring group would enhance transparency and public accountability of the IASC Foundation, while not impairing the independence of the standard-setting process.
Members of the group are set to include the responsible member of the European Commission, the managing director of the International Monetary Fund, the chair of the IOSCO Emerging Markets Committee, the chair of the IOSCO Technical Committee, the commissioner of the Japan Financial Services Agency, the chairman of the US Securities and Exchange Commission and the president of the World Bank.
The group will also be responsible for approving the selection of trustees with whom they would meet regularly to assess progress and role fulfilment.
By expanding the geographical membership of the IASB, the trustees said it "would enable it to engage more efficiently and effectively with interested parties throughout the world and bring new perspectives to its deliberations".
"Furthermore, the addition of a geographical component would strengthen the legitimacy of the IASB in the view of the countries choosing to adopt IFRSs," the trustees added.
The foundation has held several meetings with participating organisations and the Standards Advisory Council in advance of the public consultation.
The trustees said they expected to complete the first part of the constitution review in Beijing in October with changes coming into effect at the beginning of January 2009.
Further proposals should be issued for consultation during 2009 with changes occurring the following year.
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