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 April 2014 are outlined below:
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.