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 two times a year (number of meetings reduced from three meetings to two by the 2015 Constitution review).
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.
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 50. 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. Please see the IFRS Foundation website for a list of the current members of the IFRS Advisory Council. The Council is chaired by Bill Coen, former Secretary General of the Basel Committee on Banking Supervision.
