IASCF to evaluate oversight function

News Article - 24 May 2012
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The effectiveness of the International Accounting Standards Committee Foundation's (IASCF) oversight function is to be evaluated under a new framework to measure its effectiveness.

Trustees of the IASCF – the umbrella organisation of the International Accounting Standards Board (IASB) – have agreed to a new structure to examine effectiveness, as well as pledging to raise more than £15 million to fund its activities worldwide after 2008, Accountancy Magazine reports.

Philip Laskawy, chairman of the trustees, told the publication: "My colleagues and I believe that the development of more formalised measures of effectiveness in oversight will assist the trustees in carrying out our duties and in protecting the independence of the IASB's standard-setting process."

Mr Laskawy said that improving the oversight measures would lead to increased confidence in the setting of standards and was integral to enhancing independence.

The foundation's education division recently announced it had added German translations of its International Financial Reporting Standards for chief executives, boards of directors and committees.

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