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 1 January 2013 are outlined below:
|Advisory Council Chairman|
|-||Paul Cherry||Consultant, Canada
(Former Chairman of the Canadian Accounting Standards Board)
|Advisory Council Vice-Chairmen|
|Charles Macek||Non-Executive Director
(Former Chairman, Australian Financial Reporting Council)
|European Issuers/European Round Table of Industrialists||Christoph Hütten||Chief Accounting Officer, SVP, SAP AG|
|Brazilian Association of Listed Companies (ABRASCA)||Valeska Barros||Controller, LLX Logística S/A|
|Accounting Standards Council (Singapore)||Gerard Ee||Chairman, National Kidney Foundation Singapore|
|Associated Chambers of Commerce of India||R Sankaraiah||Executive - Director Finance, Jubilant Life Science Limited|
|Basel Committee on Banking Supervision||René van Wyk||Head of Bank Supervision and Registrar of Banks, South African Reserve Bank|
|BDO International||Andrew Buchanan||Global Head of IFRS|
|CFA Institute||Vincent Papa||Director, Financial Reporting Policy|
|Comision Nacional Bancaria y de Valores, Mexico||Ricardo Piña Gutierrez||General Director of Market Supervision|
|Corporate Reporting Users’ Forum (International)||Norbert Barth||Executive Director, Head of European Chemical Research, WestLB|
|Council of Institutional Investors (USA)||Jeff Mahoney||General Counsel|
|Deloitte||Joel Osnoss||Global IFRS Leader, Clients and Markets|
|Ernst & Young||Leo van der Tas||Global Technical Director, IFRS|
|European Accounting Association||Professor Begona Giner||President|
|European Central Bank||Panagiotis Strouzas||Head of Financial Services Policy Division|
|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 Securities and Markets Authorities||Laurent Degabriel||Head of Investment and Reporting Division|
|Fédération Internationale des Experts-Comptables Francophone||Benoît Atangana Onana||Senior Partner and General Manager, African Consulting Enterprise|
|Ferrovial S.A.||Ernesto López Mozo||Chief Financial Officer|
|Financial Executives International (Canada)||Karyn Brooks||SVP and Controller, Bell Canada Enterprises|
|Financial Executives International||Rudolf A Bless||Deputy CFO and Chief Accounting Officer, Credit Suisse|
|Financial Reporting Standards Council of South Africa||Bruce Mackenzie||Managing Partner, W. Consulting|
|Grant Thornton||April Mackenzie||Global Head of Governance and Public Policy|
|Group of European national standard-setters (France, Germany, Italy, and UK)||Rotating annually among the standard-setters of France, Germany, Italy, UK.||Roger Marshall, Chairman, UK Accounting Standards Board (2012)
Jérôme Haas, President, Authorité des Normes Comptables (France)
Dr. Liesel Knorr. President, DRSC e.V. (Germany)
Piero di Salvo, Secretary General, Organismo Italiano della Contabilità (OIC) (Italy)
|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||Carlson Tong||Non-executive Director - Securities & Futures commission, Hong Kong SAR|
|Institute of International Finance||Gavin Francis||Deputy Group Chief Accounting Officer, HSBC Holdings plc|
|International Actuarial Association||Francis Ruygt||Chief Risk Officer, ING Insurance Benelux|
|International Association for Accounting Education & Research||Michael Bradbury||IAAER, Standards Advisory Council Consult Committee|
|International Association of Insurance Supervisors (IAIS)||Richard Thorpe||Head of Accounting, Audit and Regulatory Reporting Policy, FSA|
|International Corporate Governance Network||Anne Molyneux||Director, CS International and ICGN member|
|International Federation of Accountants||James Sylph||Executive Director, Professional Standards and External Relations|
|International Monetary Fund||Dr. Ghiath Shabsigh||Assistant Director, Monetary and Capital Markets Department|
|International Organization of Securities Commissions (IOSCO)||
One member each from a developed and emerging economy:
|Investment Company Institute (USA)||Gregory M Smith||Director of Fund Accounting and Compliance|
|Investment Management Association||Liz Murrall||Director of Corporate Governance and Reporting|
|Korea Accounting Standards Board||Chanhong Kim||Vice Chairman|
|KPMG||Mark Vaessen||Global IFRS network leader|
|Ministry of Finance, People's Republic of China, China Accounting Standards Committee||Liu Yuting||Director-General of Accounting Regulatory Department of MOF China|
|Nippon Keidanren (Japan)||Shozo Yoneya||Corporate Auditor, Itochu Corporation|
|National Accounting Institute||Shizhong Huang||Vice President and Professor, Xiamen National Accounting Institute|
|PricewaterhouseCoopers||John Hitchins||Global Chief Accountant|
|Securities Analysts Association of Japan||Sei-Ichi Kaneko||Executive Vice President|
|South Asian Federation of Accountants (SAFA)||Reyaz Mihular||Chairman, Accounting and Auditing Standards Committee|
|World Bank||Zinga Venner||Manager of the Financial Reporting and Analysis Unit|
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.