The success of IFRS as a high-quality set of global accounting standards depends upon the IASB functioning as a truly independent standard-setting body that enjoys the confidence of market participants around the world. To assure that confidence, the IASB needs to have a secure, stable funding mechanism, expert staffing and appropriate governance structure to ensure the standard-setting process is free from undue influence from various constituents. To address some of these concerns, in January 2009 the IASC established a monitoring board, made up of representatives from leading securities regulators (including the SEC) to enhance the public.
