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:
|Advisory Council Chairman|
|-||Joanna Perry||Former Chairman, New Zealand Financial Reporting Standards Board (FRSB)|
|Advisory Council Vice-Chairmen|
Centro Retail Australia
|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|
|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 Stoy Hayward||Dr Jens Freiberg||Head of International Financial Reporting, BDO AG Wirtschaftsprüfungsgesellschaft|
|Brazilian Association of Listed Companies (ABRASCA)||
Controller, LLX Logística S/A
|Caisse de Dépôt et Placement du Québec||Maarika Paul||Executive Vice-President and Chief Financial Officer|
|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 (CRUF)||Dr Lothar Weniger||ALIAG, Usingen, Owner|
|Council of Institutional Investors||Anne Simpson||Director of Global Governance|
|Deloitte||Stephen Taylor||Audit Partner, Leader of Deloitte Asia Pacific IFRS Centre of Excellence|
|Emirates NBD||Surya Subramanian||Group Chief Financial Officer|
|Ernst & Young (EY)||Danita Ostling||Partner|
|European Accounting Association (EAA)||Professor Begona Giner||President, EAA|
|European Central Bank||Panagiotis Strouzas||Head of Financial Regulation Division|
|European Financial Reporting Advisory Group (EFRAG)||Françoise Flores||Chairman of EFRAG|
|European Securities and Markets Authorities||Laurent Degabriel||Head of Investment and Reporting Division|
|Fédération Internationale des Experts-Comptables Francophones||Daniel McMahon||President and CEO of the Ordre des comptables professionnels agréés du Québec, Canada|
|Ferrovial S.A.||Ernesto López Mozo||Chief Financial Officer|
|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||Jake Green||Director of financial reporting – Grant Thornton UK LLP|
|Group of European national standard-setters (France, Germany, Italy, and UK)||
Rotating annually among the standard-setters of France, Germany, Italy, UK:
|Hong Kong Institute of Certified Public Accountants||Roger Best||Former Partner, Deloitte Hong Kong|
|HUB Global Insurance Group||Lynda Sullivan||EVP and Group Chief Accounting Officer, Manulife Financial|
|Institute of International Finance||Gavin Francis||Deputy Group Chief Accounting Officer, HSBC Holdings plc|
|Insurance Europe||Olav Jones||Deputy Director General|
|International Actuarial Association||Micheline Dionne||Senior Vice-President and Chief Actuary, RGA|
|International Association for Accounting Education & Research (IAAER)||Michael Bradbury||IAAER, Standards Advisory Council Consult Committee|
|International Association of Insurance Supervisors (IAIS)||Markus Grund||Chief Accountant, Federal Financial Supervisory Authority, Germany|
|International Corporate Governance Network||Anne Molyneux||Director, CS International and ICGN member|
|International Federation of Accountants (IFAC)||Stephenie Fox||Technical Director – IPSASB|
|International Monetary Fund||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 (IMA)||Peter Chambers||Warburg Pincus LLC: Executive Consultant|
|Korea Accounting Standards Board (KASB)||Suk-Sig (Steve) Lim||Advisor, KASB & Professor of Accounting, University of Seoul|
|KPMG||Egbert Eeftink||Audit partner KPMG|
|Ministry of Finance, People’s Republic of China||Yang Min||Director-General of Accounting Regulatory Department of MOF China|
|National Accounting Institute (China)||Shizhong Huang||Vice President and Professor, Xiamen National Accounting Institute|
|National Organisation for Financial Accounting and Reporting Standards||Igor Kozyrev||Chairman of the Management Board of NOFA, Deputy Chief Accountant – Deputy Vice-President, Head of external reporting department, LUKOIL|
|Nippon Keidanren (Japan)||Fumio Muraoka||Director Chairman of the Audit Committee, Toshiba Corporation|
|PricewaterhouseCoopers||John Hitchins||Global Chief Accountant|
|Securities Analysts Association of Japan||Goro Kumagai||Senior Fellow, Strategic Research Department|
|World Bank||Zinga Venner||Manager of 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.