23-10-2009 | EFRAG's final draft comment letter on Part II of the IASCF Review of the Constitution

The EFRAG Supervisory Board has issued its final draft comment letter on the IASCF Review of the Constitution Part II : Proposals for enhanced public accountability. The letter can be downloaded here. Comments are invited on the draft letter by 19 November 2009.
	We think the periodic review of the IASCF Constitution is an important part of the IASCF’s processes, and are pleased that the IASCF is seeking comments on the specific proposals it has made following its consideration of the responses it received on its earlier request for areas upon which to focus its review. Our detailed comments are set out in the appendix, but we wish to draw attention to the following areas: • The Constitution should express commitment by both the IASB and the IASCF for principle-based standards; • The convergence objective should be removed from the constitution at this stage, because IFRSs have now achieved a sufficient degree of acceptance and have been adopted widely enough for them to be fully independent of national standards. The emphasis needs to be on the adoption of high quality global standards;  • We strongly believe that the IASB should have a public consultation on the IASB work plan. We do not think that the proposed amendment to introduce mandatory consultation about the agenda with the Trustees and the SAC goes far enough. We think that regular public consultation with a wider constituency is necessary to ensure that the IASB is fully aware of the range of views about the agenda and the prioritisation of projects.
Document : 091023 Final Draft Supervisory Board letter - IASCF Constitutional Reviewclean.pdf
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