ASCG submits comment letter on the Trustees’ Structure and Effectiveness Review

Today, the Accounting Standards Committee of Germany submitted its Comment letter to the Trustees’ Review of Structure and Effectiveness: Issues for the Review.  The ASCG’s Administrative Board carefully considered the consultation document and agrees with the majority of the tentative positions taken by the Trustees. However, there are two issues where the Administrative Board disagrees with the Trustees’ position:

•    Whilst the Administrative Board is fully behind the four strategic goals of the IFRS Foundation, the ASCG suggest that the third strategic goal – consistency of application and implementation – and the related question 6 of this review be clarified.
•    The other point where ASCG’s Administrative Board disagrees with the Trustees regards the proposal to further reduce the number of Board members to 13, as the ASCG fears that a further reduction could lead to unintended consequences as regards the quality of IASB’s output.