Transferring IANA wholesale to ICANN is not a good idea. The IETF-IANA function should, in fact, be transferred to the IETF, which now exists in the legal sense. That leaves two IANA functions: maintaining the WHOIS for the TLDs, and maintaining the list of assigned IPv{4|6} addresses. The former is obviously already part of ICANN, and the latter is a secretarial function for coordinating the RIRs.

The IETF-IANA function was given to ICANN to help legitimize it,. That didn't happen, and the registry should be given back to the people whom rely on it the most, namely the IETF.