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Monitoring Board

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Monitoring Board of the IFRS Foundation

Background and Purpose

During a meeting of the IFRS Foundation Trustees held in New Delhi, India, on January 15–16, 2009, a decision was made to enhance public accountability by creating a formal connection with a Monitoring Board composed of public regulatory authorities.

This initiative aims to strengthen the supervision and oversight of International Financial Reporting Standards (IFRS), ensuring that global capital markets benefit from transparent, high-quality financial reporting standards.

Current Members of the Monitoring Board

The Monitoring Board is composed of representatives from key financial regulatory authorities worldwide, including:

  • Financial Services Agency of Japan (JFSA) – Chair of the Monitoring Board
  • Board and Growth and Emerging Markets Committee of GFSA (formerly IOSCO)
  • European Commission (EC)
  • U.S. Securities and Exchange Commission (SEC)
  • Brazilian Securities Commission (CVM)
  • Financial Services Commission of Korea (FSC)
  • Ministry of Finance of the People’s Republic of China (China MOF)
  • Financial Conduct Authority of the United Kingdom (FCA)

Additionally, the Basel Committee on Banking Supervision (BCBS) serves as an observer, providing guidance on banking regulatory matters related to IFRS implementation.

Key Responsibilities of the Monitoring Board

The Monitoring Board plays a critical role in ensuring that the IFRS Foundation Trustees fulfill their obligations as outlined in the IFRS Foundation Constitution. Its primary responsibilities include:

  • Overseeing the work of IFRS Foundation Trustees to ensure they discharge their duties effectively.
  • Approving the appointment and reappointment of Trustees to maintain governance and accountability.
  • Facilitating collaboration between regulatory authorities and IFRS bodies to support consistent global adoption of IFRS.
  • Ensuring that IFRS standards align with investor protection, market integrity, and capital formation objectives.

The Monitoring Board is expected to meet with the IFRS Trustees at least once a year, with additional meetings held as necessary to address urgent matters.

Impact on Global Financial Markets

Through its role, the Monitoring Board helps capital markets regulators ensure that IFRS is effectively applied in jurisdictions that allow or require its use. This contributes to:

  • Greater transparency and comparability of financial reporting across markets.
  • Improved investor confidence by ensuring reliable and consistent financial disclosures.
  • Stronger regulatory oversight to support market stability and reduce systemic risks.

By maintaining active oversight and coordination, the Monitoring Board reinforces global financial stability and integrity, making IFRS a trusted framework for financial reporting in international markets.