Yesterday the IASC Foundation issued governance proposals dealing with the formation of a monitoring group and the size and geographical composition of the IASB - see the press release at
http://www.iasb.org/NR/rdonlyres/BFE129AB-6BA9-4A7E-B9E5-187A5CFFCDDB/0/PRonConstitutionreviewPart1.pdf
The IASC Foundation is requesting comments before September 20 2008 and decisions will be made early in 2009. The press release states that
The Trustees will publish a further discussion document inviting
respondents to suggest topics for consideration by the Trustees. It is expected that consultations will be held during the course of 2009, with changes taking effect from 1 January 2010.
As the number of countries adopting IFRSs grows, including an expected adoption by the US, the governance issue is bound to become a more active topic under discussion.
The latest proposals can be found at:
http://www.iasb.org/NR/rdonlyres/12CC476D-B88F-418A-826F-71A7465FC2E0/0/Proposal_and_issues_for_the_Constitution.pdf
There is further analysis and discussion on the FEI US blog at
http://www2.financialexecutives.org/blog/blog.cfm?blog_id=1#20080721012507
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