The Trustees of the International Accounting Standards Committee (IASC) Foundation published for public comment a consultation document containing their proposals to amend the IASC Foundation Constitution. The Constitution sets out the organisational framework of the IASC Foundation and the International Accounting Standards Board (IASB). Comments are requested by 23 February 2005.

The Trustees have concluded that the basic elements of the existing Constitution, first recommended by the former IASC's Strategy Working Party and then approved by IASC in 2000, have proved sound. The proposals in the consultation document would not alter the basic framework of the organisation, which leaves the setting of accounting standards to the IASB, an independent expert group with diverse practical and professional backgrounds. The Trustees, however, have taken into account concerns raised by those affected by the IASB's work, most notably on the Trustees' oversight role, the composition of the Trustees and the IASB, and the IASB's operating procedures.