The International Accounting Standards Committee Foundation’s constitution was amended by the trustees in accordance with their proposal to enlarge the International Financial Reporting Interpretations Committee (IFRIC) membership and related requirements.

The key changes to the constitution include:

• expanding IFRIC from 12 to 14 members
• changing the quorum for IFRIC meetings to nine members instead of 10
• enabling approval of draft or final interpretations if no more than four members vote against it

The trustees are of the view that the membership of IFRIC should reflect greater diversity of practical experience and expertise in the application of International Financial Reporting Standards (IFRSs) because of the expanding global adoption of IFRSs.

Further information

• visit the IASB website
• download Submission on proposed amendments to the IASC foundation constitution and the preface to International Financial Reporting Standards