IASC Foundation Constitution BV2009

IASC Foundation Constitution BV2009 - IASC Foundation...

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IASC Foundation Constitution Preface This Constitution was approved in its original form by the Board of the former International Accounting Standards Committee (IASC) in March 2000 and by the members of IASC at a meeting in Edinburgh on 24 May 2000. At its meeting in December 1999, the IASC Board had appointed a Nominating Committee to select the first Trustees. Those Trustees were nominated on 22 May 2000 and took office on 24 May 2000 as a result of the approval of the Constitution. In execution of their duties under the Constitution, the Trustees formed the International Accounting Standards Committee Foundation on 6 February 2001. As a consequence of a resolution by the Trustees, Part C of the revised Constitution approved on 24 May 2000 ceased to have effect and was deleted. Reflecting the Trustees’ decision to create the International Financial Reporting Interpretations Committee, and following public consultation, the Constitution was revised on 5 March 2002. Subsequently the Trustees amended the Constitution, with effect from 8 July 2002, to reflect other changes that had taken place since the formation of the IASC Foundation. The Constitution requires the Trustees to review the Constitution every five years. The Trustees initiated the first review in November 2003 and following extensive consultation completed the review in June 2005. The changes were adopted and approved by the Trustees on 21 June 2005 and came into effect on 1 July 2005. Further amendments were adopted and approved by the Trustees on 31 October 2007 for immediate effect. The Trustees formally initiated their second five-yearly review of the organisation’s constitutional arrangements in February 2008. This version reflects changes adopted after the first part of that review, which focused on public accountability and the composition and size of the International Accounting Standards Board. The Trustees approved the changes on 15 January 2009 for effect on 1 February 2009. © IASCF 1
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IASC Foundation Constitution (approved by the Members of IASC at a meeting in Edinburgh, Scotland on 24 May 2000 and revised by the IASC Foundation Trustees on 5 March and 8 July 2002, 21 June 2005, 31 October 2007 and 15 January 2009) This Constitution consists of Part A and Part B. Part A deals with the organisation’s name and objectives, and the membership and appointment of Trustees. Part B sets out the provisions that came into effect when the Trustees formed the International Accounting Standards Committee Foundation on 6 February 2001, following a Trustees’ Resolution. Part A Name and objectives 1 The name of the organisation shall be the International Accounting Standards Committee Foundation (abbreviated as ‘IASC Foundation’). The International Accounting Standards Board (abbreviated as ‘IASB’), whose structure and functions are laid out in Sections 24–38, shall be the standard-setting body of the IASC Foundation.
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IASC Foundation Constitution BV2009 - IASC Foundation...

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