The IFRS Foundation structure includes this advisory council. This council advises the Trustee, ISSB and IASB. Its members are up to 50 individuals from various areas of work. They represent a diverse group that needs financial Information.
Definition of IFRS Foundation Advisory Council
The IFRS Foundation advisory council provides strategic advice to the Trustees of the Foundation, the international accounting standards board (IASB), and the international sustainability standards board (ISSB).
What does the Advisory Council do?
The IFRS Foundation Advisory Council provides strategic support and advice to the Trustees, IASB, and ISSB. They meet twice a year in London for two days. It is a platform where IASB, ISSB, and the Trustees can gather a variety of opinions from experts and business leaders.
Other things you should know
Bill Coen is the current chairperson of the council. More so, the council is represented by 50 members from 51 organizations. This members are appointed by the Trustee of the IFRS Foundation. Also, the members are from different countries, majorly the United States, Europe, and Asia. Also, members are “investors, financial analysts and other users of financial statements, as well as preparers, academics, auditors, regulators, professional accounting bodies and standard-setters.”
In addition, three organizations serve as observers during the meetings. The organizations are European Commission, Japan Financial Services Agency and the
US Securities and Exchange Commission.
To conclude, the council provides support to IFRS core bodies. From their meetings held twice every year, the Trustee, IASB, and ISSB can earn ideas and advice for future IFRS.