Trustees announce plans regarding IFRS Advisory Council membership
24 June 2011
The terms of all existing members of the IFRS Advisory Council expire at the end of December 2011. This will conclude the third iteration of the IFRS Advisory Council, which was the first one where individuals served as representatives of organisations that have an interest in standard-setting.
Council leadership
The Trustees have agreed to reappoint the existing Advisory Council leadership to serve the following staggered second terms:
- Paul Cherry (chair), a further two year term, term ending on 31 December 2013
- Charles Macek (vice chair), a further three year term, term ending in December 2014
- Patrice Marteau (vice chair), a further one year term, term ending in December 2012
Council membership
Based upon the input received from the Advisory Council and others, the Trustees have agreed to keep the current representative model for membership. Furthermore, while the Trustees recognise that the IFRS Advisory Council is quite large, the Advisory Council’s chairs and vice-chairs, who have been reappointed, and members generally, believe that the size is manageable and necessary to have the necessary broad range of interested parties represented around the table. The Trustees have supported this view.
In terms of the composition of the Advisory Council’s membership, the Trustees have also accepted the broadly held view that the general mixture of perspectives is appropriate.
At the same time, the Trustees will be making some minor modifications:
- Inviting regional standard-setting bodies to join, instead of national standard-setters currently serving: The Trustees wish to encourage the development of regional bodies. A global National Standard-Setter group exists, and regional bodies exist or are in the process of being established in Africa, the Americas, Asia-Oceania, and Europe. The Trustees will ask the heads of these groups to serve on the Advisory Council, rather than individual national standard-setters themselves.
- Seek further participation from the academic community, other internationally recognised professional bodies with an interest in financial reporting not currently represented, and the SME community
- Add greater participation from developing markets (including Asia and the Middle East) and other economies committed to IFRS adoption
Rotation of membership
To achieve an orderly rotation of membership in future years, membership will be for one, two or three years.
- One-year terms will be given to all of those individuals who have already served two terms and are being put forward again by their organisation.
- Two-year terms will be given to most individuals who are being put forward for a second term.
- Three-year terms will be given to all new individuals being put forward and some of those serving a second term.
Next steps
- Consistent with the modified membership described above, the Trustees will invite most organisations currently serving on the IFRS Advisory Council to renew their membership.
- The Trustees are asking other interested organisations to apply for membership in order to add the additional perspectives described above.
- The Trustees will seek to reach conclusion on the membership early in the fourth quarter of this year.
The advertisement for new members of the IFRS Advisory Council can be downloaded from here.