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 Financial Services Agency of Japan (JFSA) (MB Chair), Board and the Growth and Emerging Markets Committee of the International Organization of Securities Commissions (IOSCO), the European Commission (EC), US Securities and Exchange Commission (SEC), Brazilian Securities Commission (CVM), Financial Services Commission of Korea (FSC), Ministry of Finance of the People’s Republic of China (China MOF) and the Financial Conduct Authority of the United Kingdom (FCA).

The Basel Committee on Banking Supervision (BCBS) is an observer.

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.