Trustees of the international standard setter have published final proposals to review the constitution.

The plans include the establishment of a Monitoring Group, a formal link between the organisation and public authorities as well as expansion of the membership of the standard setters' board to increase geographical diversity.

In a statement, the International Accounting Standards Committee Foundation – which oversees the work of the International Accounting Standards Board - said the Monitoring Group is aimed at enhancing the IASCF's transparency and public accountability, while not impairing the independence of the standard-setting process.

The initial membership of the Monitoring Group would comprise a member of the European Commission, the managing director of the International Monetary Fund, the chair of the IOSCO Emerging Markets Committee, the chair of the IOSCO Technical Committee, the commissioner of the Japan Financial Services Agency, the chairman of the US Securities and Exchange Commission, and the president of the World Bank.

The Monitoring Group would have the responsibility of approving the selection of Trustees, who will report to the Monitoring Group regularly to enable it to address whether and how the Trustees are fulfilling their role set out in the Constitution.

Further reading:

EU ministers move to rein in IASB powers

Unease over global monitor

Standard chiefs to get new global monitors