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Overview of the structure of the IFRS Foundation and IASB

IFRS Foundation badge (dk green) 

The International Accounting Standards Board (IASB) is organized under an independent foundation named the IFRS Foundation. The Foundation is a not-for-profit corporation which was created under the laws of the State of Delaware, United States of America, on March 8, 2001.

The components of the overall structure of the IFRS Foundation are set out below.  The obligations and high-level operating procedures for most components are established under the IFRS Foundation Constitution.

 

Group Role Formed

Governance

IFRS Foundation Oversees the work of the IASB, the structure, and strategy, and has fund raising responsibility. March 2001
Due Process Oversight Committee (DPOC) Trustee committee responsible for the Trustee's oversight function under the IFRS Foundation Constitution. 2006
Monitoring Board Oversees the IFRS Foundation Trustees, participates in the Trustee nomination process, and approves appointments to the Trustees. February 2009

Technical

International Accounting Standards Board (IASB) Sole responsibility for establishing International Financial Reporting Standards (IFRSs). April 20011
IFRS Interpretations Committee2 Develops interpretations for approval by the IASB, and undertakes under tasks at the request of the IASB April 20012
Working groups Expert task forces for individual agenda projects Formed as needed

Advisory

Accounting Standards Advisory Forum (ASAF) Advises on the technical standard-setting activities of the IASB Announced February 2013
IFRS Advisory Council3 Advises the IASB and the IFRS Foundation June 2001
Specialized advisory groups
Capital Markets Advisory Committee4 2003
Emerging Economies Group July 2011
Financial Crisis Advisory Group (jointly with FASB) December 2008
Global Preparers Forum
IFRS Taxonomy Consultative Group April 2014
Methodology for Fieldwork and Effects Analyses Consultative Group 2012
Joint Transition Resource Group for Revenue Recognition June 2014
Transition Resource Group for Impairment of Financial Instruments August 2014

    1 The IASB replaced the IASC Board of the International Accounting Standards Committee (IASC) with effect from this date.  The IASC was formed in 1973.

    2 Until March 31, 2010, the IFRS Interpretations Committee was named the International Financial Reporting Interpretations Committee (IFRIC).  IFRIC replaced the Standards Interpretations Committee (SIC) of the IASC with effect from April 1, 2001.  The SIC was part of the original IASC structure formed in 1973.

    3 Until March 31, 2010, the IFRS Advisory Council was named the Standards Advisory Council (SAC).

    4Formerly the Analyst Representative Group (ARG).

     

    Structure diagram

    Correction list for hyphenation

    These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.