With an eye toward expansion, the IFRS Foundation Monitoring Board finalized criteria for membership. Under the criteria, an applicant would have to be a capital market authority with jurisdiction over financial reporting, show that International Financial Reporting Standards are in use in the capital markets under the applicant's jurisdiction and participate in Foundation funding. Membership will also be reviewed every three years. Masamichi Kono, current acting chair of the Monitoring Board, was named as chairman.
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