Home   Site Map   Standards   Interpretations   Agenda   Structure   Newsletter   Resources   Jurisdictions   Links   Search

Background Information about the Standards Advisory Council

Role of the Standards Advisory Council

The Standards Advisory Council (SAC) provides a forum for organisations and individuals with an interest in international financial reporting, having diverse geographical and functional backgrounds, 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, and
  • giving other advice to the Board or to the Trustees.

SAC Meeting Dates

SAC Minutes

SAC Operating Procedures and Terms of Reference

In October 2004, the Trustees of the IASC Foundation approved, in principle, the terms of reference and operating procedures for SAC that SAC itself had proposed earlier that year.

Membership of the SAC

Number and appointment of members. Under the IASC Foundation Constitution, SAC 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. Key criteria for selecting SAC members are geographic diversity, diversity of professional backgrounds, representation of key interests at stake, and ability to provide advice to the Board on technical standard-setting issues.

Remuneration. Standards 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 SAC Members, 2001. On 25 June 2001, the IASC Trustees announced the appointment of 49 persons to the SAC. The 49 members include chief financial and accounting officers from some of the world's largest corporations and international organizations, 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 organizations. 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 SAC membership changes have occurred.

Current SAC members. The current list of members is presented Below on this web page.

IASC Foundation Constitution Review 2003-2005

During 2003-2005 the Trustees of the IASC Foundation undertook a review of various aspects of the IASCF Constitution, including a number of issues relating to the Standards Advisory Council. The SAC itself conducted a review of its own operations and presented recommendations to the IASCF. In March 2005, the Trustees reached several decisions regarding changes to the SAC structure, as follows:

  • The SAC will be reduced to something between 35 and 40 members.
  • Membership will be refocused to allow SAC 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.

July 2005: Appointment of Independent SAC Chairman

In July 2005, Nelson Carvalho was appointed the first independent Chairman of SAC.
Click for Press Release announcing appointment (PDF 28k).

Members of the Standards Advisory Council
    Africa
  • Benoit Antoine Atangana Onana, Former President, Institute of Chartered Accountants of Cameroon; Senior Partner and General Manager, African Consulting Enterprise
  • Christine Ramon, Chief Financial Officer, Sasol Limited, South Africa

    Asia-Oceania
    Australia

  • Judith Downes, CFO and Chief Operating Officer, Institutional Division, ANZ Bank
    China
  • Wang Jun, Vice-Minister, Ministry of Finance, China
    India
  • Shailesh Haribhakti, Managing Partner of Haribhakti & Co., and CEO of Haribhakti Group
    Japan
  • Eiko Tsujiyama, Professor, Waseda University
    Korea
  • Suk-Jun Lee, Vice President, Samsung Economic Research Institute
    South-East Asia
  • Rifaat Ahmed Abdel Karim, Secretary-General, Islamic Financial Services Board
  • Danny Teoh, Managing Partner, KPMG Singapore

    Europe
    European Union

  • Jose Antonio Alvarez, Chief Financial Officer, Group Santander (SCH), Spain
  • Sarah Deans, Vice President, Corporate Research, Head of Accounting and Valuation Research, JP Morgan, United Kingdom
  • Anna di Michele¸ Director, Products & Services - Active Advisory, UBS, Italy
  • Alberto Giussani, Partner, PricewaterhouseCoopers, Italy
  • Mauro Grande¸ Director, Financial Stability and Supervision, European Central Bank
  • Ingebret Hisdal, Managing Partner, Deloitte Norway
  • David Lindsell, Global Director, IFRS Services, Ernst & Young, United Kingdom
  • Patrice Marteau, Chairman, ACTEO, France
  • Heinz-Joachim Neuburger, Chairman of the Executive Board of the Accounting Standards Committee of Germany
  • Jochen Pape, Member of the Management Board, PricewaterhouseCoopers, Germany, and Head of the International Financial Reporting Centre, PwC Continental Europe
  • Vladimir Preobrazhenskiy, Deputy General Director for Economics and Finance, CFO, Siberian Coal Energy Company, Russia
  • Richard Thorpe, Member, Financial Reporting Committee of the Committee of European Securities Regulators (CESR-fin); Head of Accounting and Auditing Policy, UK Financial Services Authority
  • Will Widdowson, Head of Group Accounting Policy and Member of the Group Manageing Board, UBS AG, Switzerland

    Latin America

  • Nelson Carvalho, SAC Chairman; Professor, University of Sao Paulo, Brazil, financial consultant, litigation expert, member of various boards and committees, Brazil
  • Hector Estruga, retired partner and former Professional Practice Director for South America, Ernst & Young; currently consultant to E&Y; Member, CENCYA (Special Audit and Accounting Standards Committee), Argentine Federation of Professional Councils in Economic Sciences
  • Hector Vela Dib, Corporate Financing Director and Banking Relations Director, Cemex, Mexico

    Middle East

  • Adir Inbar, Chairman, Professional Board of the Institute of Certified Public Accountants in Israel; Professional Leader and Senior Audit Partner, Deloitte Israel

    North America

  • Frank Brod, Corporate Vice President Finance and Administration and Chief Accounting Officer for Microsoft
  • Michael Paul Cangemi, President and CEO, Financial Excecutives International
  • Trevor Harris, Managing Director of Valuation, Accounting, and Enterprise Risk, Morgan Stanley
  • Mr Dane Mott, Managing Director, Equity Research - Accounting and Taxation, Bear Stearns & Co Inc.

    International Organisations (with designated representatives)

  • Basel Committee of Banking Supervisors: Sylvie Matherat, French Banking Commission, Deputy Director of Research and Policy
  • International Association of Insurance Supervisors: Henning Gobel, Economic Adviser, Federal Financial Supervisory Authority
  • International Federation of Accountants: Ian Ball, Chief Executive
  • International Monetary Fund: Kenneth Sullivan, Senior Financial Sector Expert
  • International Organization of Securities Commissions: John Carchrae, Chief Accountant, Ontario Securities Commission, Canada, and Christoph Ernst, Head of the Accounting and Auditing Law Division of the Bundesministerium der Justiz, Germany
  • United Nations Conference for Trade and Development: Tatiana Krylova, Head, Investment and Enterprise Competitiveness Branch
  • World Bank: Charles McDonough, Chief Accountant

    Observers

  • European Commission
  • Financial Services Agency of Japan
  • US Securities and Exchange Commission

Click for:

Top of Page