Drafting review of revisions to the IFRS Foundation Constitution

Comments from ACCA to the IFRS Foundation, 23 October 2012.

ACCA welcomes the opportunity to comment on the Drafting Review of the IFRS Foundation Constitution, which formalises the separation of the role of IASB Chair from that of Executive Director (ED).

As noted in our response of March 2011 to the review by the Monitoring Board of the Foundation’s governance, ACCA supports the separation of the roles of standard-setting (by the IASB Chair), and oversight including funding (now by the ED). As this change has now been made, we agree that the Constitution should be amended accordingly as soon as possible.

In addition, ACCA’s response of March 2011 questioned whether the title of Chief Executive Officer is appropriate for the role in question. We prefer the title of Executive Director which has now been given, as we believe that it better reflects a position which reports to the IASB Chair.

Access ACCA's March 2011 response, 'IFRS: financial instruments - impairment in the 'Related Links' section of this page.