IFAC proposes new governance structure

The International Federation of Accountants is inviting comments on proposed revisions to its constitution that will better reflect IFAC’s purpose and how it will meet stakeholder expectations. The invitation to comment, “Proposed Revision of the International Federation of Accountants’ Constitution,” was developed over the past year by the IFAC Constitutional Working Group.

The ITC proposes changes to reflect a three-tiered governance document structure, which would include:

Constitution: This will remain the primary governance and foundation document of IFAC.
Bylaws. Currently being developed, these would incorporate existing items from within the constitution that provide greater detail in support of items addressed and include new provisions to further support the constitution. The IFAC board would have authority to amend the bylaws with immediate effect until the next Council meeting, at which time the Council would need to approve the amendment for it to become permanent.
Policies and procedures manual. Also currently under development, the manual would contain policies and procedures determined by the IFAC board and management to support the constitution and bylaws.

The ITC can be viewed at www.ifac.org/Downloads/IFAC_Constitution_DRAFT.pdf. Member bodies, regional accountancy organizations, regulators, accounting firms and the general public are invited to provide comments by February 1, 2006. Comments may be submitted by email to ITC@ifac.org.