IFRS Advisory Council
The IFRS Advisory Council is the formal advisory body to the IASB and the Trustees of the IFRS Foundation. It is comprised of a wide range of representatives from user groups, preparers, financial analysts, academics, auditors, regulators, professional accounting bodies and investor groups that are affected by and interested in the IASB's work. Members of the Advisory Council are appointed by the Trustees.
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.
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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.
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 provides advice on single projects with a particular emphasis on practical application and implementation issues, including matters relating to existing standards that may warrant consideration by the IFRS Interpretations Committee.
The Advisory Council serves as a sounding board for the IASB, and can be used to gather views that supplement the normal consultative process.
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.
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Page last updated: 10 April 2012