IFRS Advisory Council

Role of the IFRS Advisory Council

The IFRS Advisory Council provides a forum for the IASB to consult a wide range of interested parties affected by the IASB's work, with the objective of:

  • advising the Board on agenda decisions and priorities in the Board's work
  • informing the Board of the views of the organisations and individuals on the Council on major standard-setting projects
  • giving other advice to the Board or to the Trustees.

    The IFRS Advisory Council normally meets three times a year for two days each meeting – in conjunction with the February, June, and November IASB Board meetings.

    The IFRS Advisory Council was previously known as the Standards Advisory Council.  At their meeting in January 2010, the IASCF Trustees voted to rename the Standards Advisory Council to the IFRS Advisory Council. The name change was implemented as of 31 March 2010.

    In October 2004, the Trustees of the (then) IASC Foundation approved, in principle, the terms of reference and operating procedures for Advisory Council that Advisory Council itself had proposed earlier that year. Click to download the Advisory Council Terms of Reference and Operating Procedures (PDF 36k).

      Membership of the Advisory Council

      Number and appointment of members. Under the IFRS Foundation Constitution, The Advisory Council has '30 or more' members. The number is currently around 40. Members are appointed by the Trustees for a renewable term of three years. They have diverse geographic and functional backgrounds.

      Criteria. Under the IFRS Foundation Constitution, key criteria for selecting Advisory Council members are geographic diversity and diversity of professional backgrounds. From 2009, the IFRS Foundation Trustees have decided that nominations to the membership of the Advisory Council will be primarily on the basis of representation of organisations that are relevant to standard setting of accounting principles. The Trustees have not specified any organisations.

      Remuneration. Advisory Council members are not paid, and they will normally be expected to be associated with organisations that will meet the costs of their participation in meetings although exceptions may be made for certain individuals.

      Initial Advisory Council Members, 2001. On 25 June 2001, the IASC Trustees announced the appointment of 49 persons to the Advisory Council. The 49 members include chief financial and accounting officers from some of the world's largest corporations and international organisations, leading financial analysts and academics, regulators, accounting standard setters, and partners from leading accounting firms. They come from six continents, 29 countries, and five international organisations. Additionally, the European Commission, the U.S. Securities and Exchange Commission, and the Financial Services Agency of Japan will participate as observers. Since the original appointments, several Advisory Council membership changes have occurred.

      Current Advisory Council members. The members of the IFRS Advisory Council as of 23 September 2010 are outlined below:

      OrganisationIndividualTitle
      Advisory Council Chairman
      - Paul Cherry Consultant, Canada
      (Former Chairman of the Canadian Accounting Standards Board)
      Advisory Council Vice-Chairmen
      Telstra
      Wesfarmers      		 Charles Macek Non-Executive Director
      (Former Chairman, Australian Financial Reporting Council)
      Accounting Committee, Business Europe Patrice Marteau Chairman
      Other members
      Brazilian Association of Listed Companies (ABRASCA) Geraldo Toffanello Accounting Director, GERDAU Group
      Accounting Standards Board Ian Mackintosh Chairman
      Associated Chambers of Commerce of India/The Stock Exchange, Mumbai (BSE) Narendra Sarda Chairman, Deloitte Haskins & Sells
      Association of Banks in Singapore Surya Subramanian Director, Financial Reporting Surveillance Division, Accounting and Corporate Regulatory Authority (ACRA)
      Association of British Insurers/Investment Management Association (IMA) Liz Murrall Director of Corporate Governance and Reporting, IMA
      Basel Committee on Banking Supervision Sylvie Matherat Director, Financial Stability Directorate, Banque de France
      BDO International Andrew Buchanan IFRS Technical Partner
      CFA Institute Dane Mott Executive Director, JP Morgan Securities Inc
      Conseil National de la Comptabilité Jean-François Lepetit Chairman
      Committee of European Securities Regulators Richard Thorpe Head of Capital Adequacy Policy Department and Accounting and Auditing Sector, UK Financial Services Authority
      Corporate Reporting Users' Forum (International) Norbert Barth Head of European Chemical Sector Research, WestLB
      Council of Institutional Investors (USA) Gail Hanson Deputy Executive Director, State of Wisconsin Investment Board
      Deloitte Joel Osnoss Partner-in-Charge of Global IFRS and Offerings Services
      DRSC e.V. Liesel Knorr President
      Ernst & Young Leo van der Tas Global Technical Director, IFRS
      European Central Bank Mauro Grande Director, Financial Stability and Supervision, European Central Bank
      European Financial Reporting Advisory Group (EFRAG) Françoise Flores Chairman of EFRAG
      European Insurance and Reinsurance Federation (CEA) Jacques Le Douit Accounting Research and Development Director AXA
      European Issuers/European Round Table of Industrialists Christoph Hütten Chief Accounting Officer, SVP SAP AG
      Fédération Internationale des Experts-Comptables Francophone Benoit Atangana Onana Senior Partner and General Manager, African Consulting Enterprise
      Financial Executives International (Canada) Karyn Brooks SVP and Controller, Bell Canada Enterprises
      Financial Executives International (US) Jamie Miller Vice President and Controller General Electric Company
      Grant Thornton April Mackenzie Global Head of Public Policy
      Group of 100 (Australia) Judith Downes Chief Financial Officer, Alumina Limited
      Group of European national standard-setters (France, Germany, Italy, and UK) Piero di Salvo, Italy Rotating annually among the standard-setters of France, Germany, Italy, UK
      Group of North American Insurance Enterprises Jerry de St. Paer Executive Chairman GNAIE – Group of North American Insurance Enterprises
      Hong Kong Institute of Certified Public Accountants P M Kam Group Financial Controller, Jardine Matheson Ltd
      Institute of International Finance Will Widdowson Head of Group Accounting Policy and Group SOX Officer, UBS AG
      International Association for Accounting Education & Research Hollis Ashbaugh Skaife Associate Professor of Accounting Wisconsin School of Business
      International Actuarial Association Francis Ruygt Deputy Chief Insurance Risk Officer and Group Actuary, ING Group
      International Association of Insurance Supervisors Henning Goebel Chief Accountant, Federal Financial Supervisory Authority
      International Corporate Governance Network Gerben Everts Compliance Officer, APG Investments
      International Federation of Accountants James Sylph Executive Director, Professional Standards
      International Monetary Fund Kenneth Sullivan Senior Financial Sector Expert
      International Organization of Securities Commissions (IOSCO) One member each from a developed and emerging economy:
      Developed economy:
      Rotating between Sophie Baranger, Director of Accounting and Finance Division, AMF, France; Christoph Ernst, Head of Accounting and Auditing Law Division, Federal Ministry of Justice, Germany
      Emerging economy:
      To be confirmed
      Investment Company Institute (USA) Donald J. Boteler Vice President, Operations
      Investors' Technical Advisory Committee (USA) Neri Bukspan Chief Quality Officer and Chief Accountant, Standard & Poor's
      Korea Accounting Standards Board Chanhong Kim Vice Chairman
      KPMG Mark Vaessen Head of IFRS, KPMG Europe LLP
      Ministry of Finance, People's Republic of China, China Accounting Standards Committee Liu Yuting Director-General of Accounting Regulatory Department of MOF, member of CASC
      Nippon Keidanren (Japan) Shozo Yoneya Corporate Auditor, Itochu Corporation
      PricewaterhouseCoopers John Hitchins Global Chief Accountant
      Securities Analysts Association of Japan Sei-Ichi Kaneko Executive Vice President and Member of the Board
      South Africa Accounting Practices Board Moses Kgosana Chairman
      Securities and Exchange Commission of Brazil Alexandro Broedel
      South Asian Federation of Accountants (SAFA) Reyaz Mihular Chairman, Accounting and Auditing Standards Committee
      World Bank Charles McDonough Vice President and Controller
      Observer organisations:
      • European Commission
      • Japan Financial Services Agency
      • US Securities and Exchange Commission

      IASC Foundation Constitution Review 2003-2005

      During 2003-2005 the Trustees of the (then) IASCF undertook a review of various aspects of the IASC Constitution, including a number of issues relating to the Advisory Council. The Advisory Council itself conducted a review of its own operations and presented recommendations to the (then) IASCF.

      In March 2005, the Trustees reached several decisions regarding changes to the Advisory Council structure, as follows:

      • The Advisory Council will be reduced to something between 35 and 40 members
      • Membership will be refocused to allow the Advisory Council to concentrate on strategic, rather then technical issues (most likely fewer technicians and more analysts and preparers)
      • Chairman (not a member of the IASB, Trustee, or staff) will be appointed by the Trustees.

       

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