- View an exchange of letters reporting progress on G20 recommendations:
Letter from the IFRS Foundation Chairman to the Monitoring Board detailing the IASB's response to the G20
[9 April 2009]
Letter from Chairman of the
IFRS Foundation Trustees, Gerrit Zalm, to the G20 reporting progress on G20 recommendations
[23 January 2009]
Letter from G20 to IASB Chairman Sir David Tweedie
[12 January 2009]
Monitoring Board of the International Financial Reporting Standards Foundation
At the meeting of the Trustees of the International Financial Reporting Standards Foundation (IFRS) in New Delhi, India, on 15 and 16 January 2009 the decision was made to enhance the organisation’s public accountability by establishing a link to a Monitoring Board of public authorities.
The members of the Monitoring Board include, at this moment, representatives of the Board and the Growth and Emerging Markets Committee of the International Organization of Securities Commissions (IOSCO), the European Commission (EC), Financial Services Agency of Japan (JFSA), US Securities and Exchange Commission (SEC), Brazilian Securities Commission (CVM), Financial Services Commission of Korea (FSC), and Ministry of Finance of the People’s Republic of China (China MOF).
The Basel Committee on Banking Supervision, the Financial Sector Conduct Authority of South Africa, in representation of the IOSCO Africa and Middle-East Regional Committee, and the Comisión Nacional de Valores of Argentina in representation of the IOSCO Inter-American Regional Committee are observers.
Through the Monitoring Board, capital markets authorities that allow or require the use of IFRS in their jurisdictions will be able to more effectively carry out their mandates regarding investor protection, market integrity, and capital formation.
The Monitoring Board’s main responsibilities are to ensure that the Trustees continue to discharge their duties as defined by the IFRS Foundation Constitution, as well as approving the appointment or reappointment of Trustees. It is envisaged that the Monitoring Board will meet the Trustees at least once a year, or more often if appropriate.