The IFRS Foundation is changing its constitution to reflect the separation of the roles of the foundation’s CEO and the chairman of the International Accounting Standards Board (IASB).
This move formalises a separation that previously was implemented following an internal structure reorganisation at the end of 2011.
The chair of the IASB (currently Hans Hoogervorst) no longer serves as CEO of the IFRS Foundation. The CEO position is included in the new role of executive director of the foundation.
Yael Almog, who directed the International Affairs department of the Israel Securities Authority, was appointed to the executive director position in January 2012.
A drafting review of the change in the constitution is available on the IFRS website; comments can be made through Oct. 23.
The IASB chair retains full responsibility for all standard-setting matters, including resources. The separation was made to ensure segregation of responsibilities for IASB operations to prevent an actual or perceived conflict of interest in standard setting.
—Ken Tysiac (ktysiac@aicpa.org) is a CGMA Magazine senior editor.