IFRS Advisory Council
The IFRS Advisory Council (Advisory Council) is the formal advisory body to the International Accounting Standards Board (the Board) and the Trustees of the IFRS Foundation. It consists of a wide range of representatives from groups that are affected by and interested in the Board's work.
These include investors, financial analysts and other users of financial statements, as well as preparers, academics, auditors, regulators, professional accounting bodies and standard-setters.
43 organisations from across the world are represented on the Advisory Council, with 49 individual members. Three additional organisations are official observers. Members of the Advisory Council are appointed by the Trustees.
The Advisory Council meets at least two times a year for a period of two days, in London. The Chairman of the Board, the Director of Technical Activities, the Director of Research, the Director of Implementation Activities, and IASB members and staff who are responsible for items on the Advisory Council meeting agenda are normally required to attend the meetings.
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IASB staff normally provide an update for the Advisory Council, and invite questions and comments from Council members. Depending on the issue, the Chairman of the meeting may call for a formal poll to demonstrate to the IASB the extent of support within the Advisory Council for a particular point of view.
The International Accounting Standards Board (IASB) consults the IFRS Advisory Council on its:
- technical agenda;
- project priorities;
- project issues related to application and implementation of IFRSs; and
- possible benefits and costs of particular proposals.
The Advisory Council also provides advice on single projects with a particular emphasis on practical application and implementation issues, including matters relating to existing standards that may warrant consideration by the IFRS Interpretations Committee.
The Advisory Council serves as a sounding board for the IASB, and can be used to gather views that supplement the normal consultative process.
If the IASB ultimately takes a position on a particular issue that differs from a polled expression of the Advisory Council, the IASB gives the Advisory Council its reasons for coming to a different position.
In addition to receiving advice from the Advisory Council, the IASB also considers comments from Advisory Council subcommittees.
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