Under Part 1 of the Constitution Process the Trustees are dealing with two areas in an accelerated timeframe with a view to implementation in January 2009.

One relates to the governance and public accountability of the IASC Foundation (the Creation of a Monitoring Group) and the second concerns the composition of the IASB.

Where are we with Part 1 of the Constitution Review?

On 21 July 2008 the Trustees published its official consultation document on Part 1 of the Constitution Review.

The document contains proposals on enhancements to public accountability and to the composition and size of the IASB.

The deadline for public comment on the discussion document, Review of the Constitution: Public Accountability and the Composition of the IASB - Proposals for Change, is 20 September 2008.

The Trustees’ proposals reflect consultations that they have had with many parties with an interest in the development of accounting standards.