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Sunday 20 April 2014

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Consultation with the IFRS Advisory Council

The International Accounting Standards Board (IASB) consults the  IFRS Advisory Council on its:

  • technical agenda;
  • project priorities;
  • project issues related to application and implementation of IFRSs; and
  • possible benefits and costs of particular proposals.

The Advisory Council also serves as a sounding board for the IASB, and can be used to gather views that supplement the normal consultative process.

IFRS Advisory Council meetings

The Advisory Council normally meets three times a year for a period of two days. The Chairman of the IASB, the Director of Technical Activities, the Director of Research, and those IASB members and staff who are responsible for items on the Advisory Council meeting agenda are normally required to attend the meetings.

IASB staff normally provide an update for the Advisory Council, and invite questions and comments from Council members. Depending on the issue, the Chairman of the meeting may call for a formal poll to demonstrate to the IASB the extent of support within the Advisory Council for a particular point of view.

If the IASB ultimately takes a position on a particular issue that differs from a polled expression of the Advisory Council, the IASB gives the Advisory Council its reasons for coming to a different position.

In addition to receiving advice from the Advisory Council, the IASB also considers comments from Advisory Council subcommittees.