The International Accounting Standards Board (IASB) is increasing the number of its trustees to reflect the growing importance of Asia in the global economy. The number of trustees has risen from 19 to 22 and the representation has shifted away from the UK and US towards mainland Europe and the Asia Pacific region.
The trustees are responsible for the governance of the IASB and the selection of its members. There are now six from the Asia/Oceania region, six from Europe, six from North America and four who can be from any part of the world.
Their director of operations, Tom Seidenstein, explained that they were upholding their constitutional duty to respond to changing global economic conditions. "It was decided to increase the number of trustees to reflect the role of Asia in the world economy and the region's interest in IAS," he said.
The move was welcomed by David Tyrrall FCMA, senior lecturer in accounting and finance at London's Cass Business School, who challenged the geographical balance of the board and...