In a bid to raise confidence in the International Accounting Standards Board (IASB), reduce the size of the management board and strengthen funding, and improve the framework around International Financial Reporting Standards (IFRS), the IFRS Foundation has issued a public consultation. To improve accountability and effectiveness, the Foundation is proposing that the IASB board is reduced from 16 to 13 members, which would require a geographic redistribution of seats. The plan is to reduce the normal allocation of members from four to three for Asia/ Oceania, Europe and North America. In future, nine members would have to vote in favour of any new standard. In addition, it is calling for a change to the constitution to allow IASB members to serve a maximum 10-year term, made up of two consecutive five-year terms.
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