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The Trustees of the IFRS Foundation, responsible for the oversight and governance of the International Accounting Standards Board (Board), have confirmed the appointment of Xianzhong Li to the IFRS Advisory Council, effective 1 January 2021 and for a three-year period.

Mr Li takes over the Advisory Council seat from Yibin Gao and will represent the Chinese Ministry of Finance, where he is currently the director-general of the Accounting Regulatory Department.

The Advisory Council advises the IFRS Foundation Trustees and the Board on strategic matters and it consists of representatives from over 50 groups affected by and interested in international financial reporting, including academics, analysts, auditors, investors, preparers, professional accounting bodies, regulators and standard-setters.