On the ‘Review of Structure and Effectiveness of the IFRS Foundation’: the EAA’s Financial Reporting Standards Committee’s View

Abstract

In July 2015 the International Financial Reporting Standards (IFRS) Foundation launched its third five year review of its structure and effectiveness of the organisation. In a public call, the Trustees solicited stakeholders’ input on the relevance of IFRS Standards with respect to broadening the IFRS scope and to the impact of new technology, on the consistent application of IFRS and on the governance and funding of the International Accounting Standards Board and the IFRS Foundation. The European Accounting Association (EAA)’s Financial Reporting Standards Committee responded to this request for views by submitting a comment letter based on research-informed opinions. This article provides an overview of this Review of Structure and Effectiveness of the IFRS Foundation and the EAA’s opinions in response to this Review.

Keywords:

• IFRS Foundation
• International Financial Reporting Standards
• International Accounting Standards Board

Disclosure statement

No potential conflict of interest was reported by the authors.

Notes

1 First Review: A Constitution Review was initiated in November 2003 and completed in June 2005, followed by a Strategy Review undertaken in 2007. Second Review: A Constitution Review was initiated in February 2008 and completed in January 2009 (first part), and January 2010 (second part), followed by a second Strategy Review launched in November 2010 and completed in February 2012.