The trustees of the IASC Foundation said in a statement on Thursday that the change was made to increase public accountability of the board and help address accounting recommendations by leaders from the Group of Twenty (G20) nations.

The monitoring group, which is expected to meet with the IASB at least once a year, will be composed of leaders from the U.S. Securities and Exchange Commision, the Japanese Financial Services Agency, The European Commission, and International Organization of Securities Commissions (IOSCO). The Basel Committee on Banking Supervision will also serve as a formal observer at monitoring board meetings, the IASC said.

IASB Chairman David Tweedie has said in the past that the monitoring board would be key to helping accounting rulemakers liaise with global regulators and help insulate the board from political attacks.

The IASC Foundation trustees also approved a plan to expand the size of the IASB to 16 members by 2012. The IASB, which sets accounting rules used in more than 100 countries, currently has 14 board members.

The changes resulted from a strategic review of the IASC that began in 2007, the trustees said.

(Reporting by Emily Chasan) Keywords: IASB/OVERSIGHT (emily.chasan@thomsonreuters.com; +1 646 223 6114; Reuters Messaging: emily.chasan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written