In January 2010 the second five yearly Constitution Review process was completed for the IFRS Foundation Strategy. In late November the IFRS Foundation Trustees agreed to launch a comprehensive review of the organisation’s strategy.
There have been a number of factors that have prompted the organisations success however a number of challenges have arisen consequently this is why the organisations strategy is up for review.
These are the challenges that the foundation faces
- Convergence and adoption – a number of key countries still need to make decisions to adopt IRFS for domestic use.
- Quality and implementation of the standards – The IASB must continue to demonstrate the quality and relevance of the standards to ensure global acceptance.
- Governance and accountability – the monitoring board is engaging in a review of its own governance arrangements reflecting on the arrangements that may need to evolve further.
In this review the trustees are asking for stakeholders views on its mission, governance, process and financing.
To read more about this review please click here