Proposed Targeted Amendments to the IFRS Foundation Constitution

Proposed Targeted Amendments to the IFRS Foundation Constitution

The Trustees of the IFRS Foundation published the Exposure Draft Proposed Targeted Amendments to the IFRS Foundation Constitution to operationalise their 2025 decision to gradually reduce the size of the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB).

The amendments proposed in the Exposure Draft would provide an appropriate governance framework for the smaller boards, facilitating their effective functioning and giving stakeholders clarity about the smaller boards' governance arrangements.

The Exposure Draft addresses matters including:

• Board size;
• Attributes of board members;
• Voting arrangements; and
• Other related governance amendments.

The Trustees remain committed to maintaining geographically diverse and balanced board memberships and to ensuring appropriate diversity of professional backgrounds, skills and perspectives on the smaller boards.

More information on the consultation, as well as additional resources, can be found on the IFRS website here.

Your feedback is important

Although the proposed amendments would not directly affect New Zealand financial reporting requirements, they could influence how the IASB and ISSB operates, make decisions and engage with stakeholders in the future.

As a jurisdiction that adopts IFRS Accounting Standards and has a strong interest in international standard-setting, New Zealand has an interest in ensuring that the proposed governance arrangements support effective, independent and globally representative standard setting.  

Respond to the IFRS Foundation through their survey

Stakeholders can respond to the request for comment on the Exposure Draft by completing the IFRS Foundation survey. The questions in the survey are identical to the questions in the Exposure Draft. The survey will improve the Trustees' capacity to review and comment on feedback and will allow stakeholders to select the questions on which they are interested in commenting.

You can complete the IFRS Foundation survey here.

You can send your comments directly to the IFRS Foundation by 16 November 2026. If you do, sending a copy of your submission to the XRB via accounting@xrb.govt.nz would be appreciated.