GOVERNANCE AND STRUCTURE OF THE IASC FOUNDATION,
IASB, IFRIC, AND THE SAC
IASC Foundation and the Trustees
The governance of IASC Foundation rests on the shoulders of the Trustees of the IASC
Foundation (the IASC Foundation Trustees or, simply, the Trustees). The Trustees comprise
22 individuals who are chosen from around the world. In order to ensure a broad international representation, it is required that six Trustees are appointed from North America, six from Europe, six from Asia/Oceanic region, and four from any part of the world, subject to establishing overall geographical balance.
The Trustees are independent of the standard-setting activities (which is the primary responsibility of the Board members of the IASB). The Trustees, on the other hand, are responsible for broad strategic issues, such as
• Appointing the members of IASB, the IFRIC, and the Standards Advisory Council
(SAC);
• Approving the budget of the IASC Foundation and determining the basis of funding it; • Reviewing the strategy of the IASC Foundation and the IASB and its effectiveness including consideration, but not determination, of the IASB’s agenda (which if allowed may impair the Trustees’ independence of the standard-setting process);
• Establishing and amending operating procedures, consultative arrangements and due process for the IASB, the IFRIC, and the SAC;
• Approving amendments to its constitution after consulting the SAC and following the required due process;
• Fostering and reviewing the development of the educational programs and materials that are consistent with the objectives of the IASC Foundation; and
• Generally, exercising all powers of the IASC Foundation except those expressly reserved for IASB, the IFRIC, and the SAC.
Lastly, in order to enhance public accountability of the IASC Foundation, while maintaining the operational independence of the IASC Foundation and the IASB, the Monitoring
Board, a new body, was created in 2009. The