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The document summarizes proposed changes to the structure of the International Accounting Standards Board (IASB). Key changes include expanding the number of trustees from 19 to 22, easing the required mix of backgrounds for IASB members, giving trustees the right to comment on but not decide the IASB agenda, and increasing the vote required for exposure drafts, standards, and interpretations from a simple majority to nine out of 14 IASB members.

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Vikram Nani
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72 views

C C CC CCC

The document summarizes proposed changes to the structure of the International Accounting Standards Board (IASB). Key changes include expanding the number of trustees from 19 to 22, easing the required mix of backgrounds for IASB members, giving trustees the right to comment on but not decide the IASB agenda, and increasing the vote required for exposure drafts, standards, and interpretations from a simple majority to nine out of 14 IASB members.

Uploaded by

Vikram Nani
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Abbreviations Used in this Publication


ARC Accounting Regulatory Committee of the EC

CESR Committee of European Securities Regulators EEA European Economic Area (3 non-EU countries) EC European Commission EFRAG

European Financial Reporting Advisory Group EITF Emerging Issues Task Force (of FASB) EU European Union (25 countries) FASB

Financial Accounting Standards Board (US) GAAP Generally Accepted Accounting Principle(s) IAS International Accounting Standard IASB

International Accounting Standards Board IASC International Accounting Standards Committee IASCF IASC Foundation (parent body of the IASB)

IFAC International Federation of Accountants IFRIC International Financial Reporting InterpretationsCommit tee of the IASB IFRS

International Financial Reporting Standard IOSCO International Organization of SecuritiesCommission s SAC Standards Advisory Council (advisory to the IASB)

SEC Securities and Exchange Commission (US) SIC Standing Interpretations Committee of the IASC,and interpretations issued by that committee

The IASB Structure


AppointsReports toAdvises

Proposed Changes to IASB Structure

In November 2004, the IASC Foundation trustees proposed severalchanges to the IASB structure, including:

expand the number of trustees from 19 to 22;

retain the current provision for two parttime IASB members;

ease the required mix of backgrounds on the IASB. Thecurrent minimums of five practising auditors, three preparers,three users, and one

academician would be changed to anappropriate mix of practical experience among auditors,preparers, users, and academics, including at least one IASBmember who has recent experience in each of those fields.

give trustees the right to comment on and make suggestionsabout the IASB's agenda, but not authority to decide theagenda; and

increase the vote for exposure drafts,

standards, andinterpretations from a simple majority to nine out of 14 IASBmember

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