IFAC Response to the IFRS Foundation Trustees' Review of Structure and Effectiveness: Issues for the Review

Although there may be many diverse views within the accountancy profession, in its role as representing more than 2.8 million accountants globally, IFAC is providing the perspective of the global profession in this comment letter on IFRS Foundation Trustees’ Review of Structure and Effectiveness: Issues for the Review.

IFAC recognizes the importance and benefits of having single sets of high-quality international standards in key areas; as well as the need for robust governance arrangements—arrangements that are “shared” and recognize the importance of involving both the private and public sector—that enhance the legitimacy and broad global acceptance of those standards. Additionally, it recognizes that the development of high-quality standards is one key aspect to consider; equally important is the need for consistent global adoption and implementation of standards, and having appropriate support arrangements in place.

It is within this context that IFAC offers responses to the specific questions posed by the IFRS Foundation Trustees.