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IFRS Advisory Council

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 three times a year for two days each meeting – in conjunction with the February, June, and November IASB Board meetings.

    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.

    In October 2004, the Trustees of the (then) IASC Foundation approved, in principle, the terms of reference and operating procedures for Advisory Council that Advisory Council itself had proposed earlier that year. Click to download the Advisory Council Terms of Reference and Operating Procedures (PDF 36k).

      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 40. 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. The members of the IFRS Advisory Council as of 1 April 2014 are outlined below:

      OrganisationIndividualTitle
      Advisory Council Chairman
      - Joanna Perry
      (term begins 1 April 2014)
      Former Chairman, New Zealand Financial Reporting Standards Board (FRSB)
      Advisory Council Vice-Chairmen
      Wesfarmers
      Centro Retail Australia
      Charles Macek Non-Executive Director
      (Former Chairman, Australian Financial Reporting Council)
      European Issuers/European Round Table of Industrialists Christoph Hütten Chief Accounting Officer, SVP, SAP AG
      Other members
      Associated Chambers of Commerce of India R Sankaraiah Executive – Director Finance, Jubilant Life Science Limited
      Basel Committee on Banking Supervision René van Wyk Head of Bank Supervision and Registrar of Banks, South African Reserve Bank
      BDO Stoy Hayward Dr Jens Freiberg Head of International Financial Reporting, BDO AG Wirtschaftsprüfungsgesellschaft
      Brazilian Association of Listed Companies (ABRASCA)
      Valeska Barros

      Controller, LLX Logística S/A
      Caisse de Dépôt et Placement du Québec Maarika Paul Executive Vice-President and Chief Financial Officer
      CFA Institute Vincent Papa Director, Financial Reporting Policy
      Comision Nacional Bancaria y de Valores, Mexico Ricardo Piña Gutierrez General Director of Market Supervision
      Corporate Reporting Users Forum (CRUF) Dr Lothar Weniger ALIAG, Usingen, Owner
      Council of Institutional Investors Anne Simpson Director of Global Governance
      Deloitte Stephen Taylor Audit Partner
      Emirates NBD Surya Subramanian Group Chief Financial Officer
      Ernst & Young (EY) Danita Ostling Partner
      European Accounting Association (EAA) Professor Begona Giner President, EAA
      European Central Bank Panagiotis Strouzas Head of Financial Regulation Division
      European Financial Reporting Advisory Group (EFRAG) Françoise Flores Chairman of EFRAG
      European Securities and Markets Authorities Laurent Degabriel Head of Investment and Reporting Division
      Fédération Internationale des Experts-Comptables Francophones Daniel McMahon President and CEO of the Ordre des comptables professionnels agréés du Québec, Canada
      Ferrovial S.A. Ernesto López Mozo Chief Financial Officer
      Financial Executives International Rudolf A Bless Deputy CFO and Chief Accounting Officer, Credit Suisse
      Financial Reporting Standards Council of South Africa Bruce Mackenzie Managing Partner, W. Consulting
      Grant Thornton Jake Green Director of financial reporting – Grant Thornton UK LLP
      Group of European national standard-setters (France, Germany, Italy, and UK)

      Rotating annually among the standard-setters of France, Germany, Italy, UK:

      • Piero di Salvo, Secretary General, Organismo Italiano della Contabilità (OIC) (Italy)
      • Roger Marshall, Chairman, UK Accounting Standards Board
      • Jérôme Haas, President, Authorité des Normes Comptables (France)
      •  Liesel Knorr, President, DRSC e.V. (Germany)
      Hong Kong Institute of Certified Public Accountants Roger Best Former Partner, Deloitte Hong Kong
      HUB Global Insurance Group Lynda Sullivan EVP and Group Chief Accounting Officer, Manulife Financial
      Institute of International Finance Gavin Francis Deputy Group Chief Accounting Officer, HSBC Holdings plc
      Insurance Europe Olav Jones Deputy Director General
      International Actuarial Association Micheline Dionne Senior Vice-President and Chief Actuary, RGA
      International Association for Accounting Education & Research (IAAER) Michael Bradbury IAAER, Standards Advisory Council Consult Committee
      International Association of Insurance Supervisors (IAIS) Markus Grund Chief Accountant, Federal Financial Supervisory Authority, Germany
      International Corporate Governance Network Anne Molyneux Director, CS International and ICGN member
      International Federation of Accountants (IFAC) Stephenie Fox Technical Director – IPSASB
      International Monetary Fund Ghiath Shabsigh Assistant Director, Monetary and Capital Markets Department
      International Organization of Securities Commissions (IOSCO)

      One member each from a developed and emerging economy:

      Developed economy:
      Rotating between Thomas Blöink, Head of Accounting Law and Auditing Law, Federal Ministry of Justice of Germany; and Patrick Parent, Executive Director Corporate Accounting and Audit, Authorité des Marchés Financiers

      Emerging economy:
      Wang Haoyu, Officer, Accounting Regulatory Department of the Chinese Securities Regulatory Commission (CSRC)

      Investment Company Institute (USA) Gregory M Smith Director of Fund Accounting and Compliance
      Investment Management Association (IMA) Peter Chambers Warburg Pincus LLC: Executive Consultant
      Korea Accounting Standards Board (KASB) Suk-Sig (Steve) Lim Advisor, KASB & Professor of Accounting, University of Seoul
      KPMG Egbert Eeftink Audit partner KPMG
      Ministry of Finance, People’s Republic of China Yang Min Director-General of Accounting Regulatory Department of MOF China
      National Accounting Institute (China) Shizhong Huang Vice President and Professor, Xiamen National Accounting Institute
      National Organisation for Financial Accounting and Reporting Standards Igor Kozyrev Chairman of the Management Board of NOFA, Deputy Chief Accountant – Deputy Vice-President, Head of external reporting department, LUKOIL
      Nippon Keidanren (Japan) Fumio Muraoka Director Chairman of the Audit Committee, Toshiba Corporation
      PricewaterhouseCoopers John Hitchins Global Chief Accountant
      Securities Analysts Association of Japan Goro Kumagai Senior Fellow, Strategic Research Department
      World Bank Zinga Venner Manager of Financial Reporting and Analysis Unit
      Observer organisations:
      • European Commission
      • Japan Financial Services Agency
      • US Securities and Exchange Commission

       

      IASC Foundation Constitution Review 2003-2005

      During 2003-2005 the Trustees of the (then) IASCF undertook a review of various aspects of the IASC Constitution, including a number of issues relating to the Advisory Council. The Advisory Council itself conducted a review of its own operations and presented recommendations to the (then) IASCF.

      In March 2005, the Trustees reached several decisions regarding changes to the Advisory Council structure, as follows:

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

       

      Related news

      • Report on the February IFRS Advisory Council meeting

      • Mar 18, 2014

      • A report on the IFRS Advisory Council meeting held in London on 24-25 February 2014 has been posted to the IASB's website. Topics discussed in addition to the usual updates on the IASB’s and IFRS Foundation Trustees’ activities included the governance review of the International Public Sector Accounting Standards Board (IPSASB), the leases project, the future of corporate reporting in light of integrated reporting and digital reporting, and updates on the Trustee's education initiative and investor engagement strategy.

      • Notes from the February 2014 IFRS Advisory Council meeting

      • Feb 25, 2014

      • The IFRS Advisory Council met in London on 24-25 February 2014. We have posted the Deloitte observer notes for the sessions on the IASB and Trustees activities, IPSASB governance review, the future of corporate reporting, the IFRS Foundation education initiative, and the investor outreach strategy.

      • Agenda for February 2014 IFRS Advisory Council meeting

      • Feb 03, 2014

      • An agenda is available for the upcoming IFRS Advisory Council meeting to be held in London on 24-25 February 2014. In addition to updates on the activities of the Council, IFRS Foundation and International Accounting Standards Board (IASB), the meeting will focus on the Council's role in promoting the adoption of IFRSs, the way forward in the IASB's leases project, and the future of corporate reporting. A number of other topics will also be discussed.

      • Agenda for IFRS Advisory Council meeting now available

      • Sep 13, 2013

      • The IFRS Advisory Council is meeting in London on 14-15 October 2013. The agenda for the meeting has been released, noting a broad range of topics to be discussed. In addition to the traditional updates from the IASB, IFRS Foundation Trustees and Monitoring Board, the meeting will consider topics such as the implementation and maintenance of accounting standards, a draft report from the Effects Analysis Consultative Group, the use of IFRS around the world, and building the IFRS network. Particular attention will also be given to the IASB's projects on leases, the conceptual framework and the post-implementation review of IFRS 3 'Business Combinations'.

      • Wang Haoyu appointed to the IFRS Advisory Council

      • Jun 28, 2013

      • The Trustees of the IFRS Foundation have announced the appointment of Wang Haoyu as a representative of the International Organisation of Securities Commissions (IOSCO) on the IFRS Advisory Council. She replaces Alexsandro Broedel Lopes as IOSCO representative of an emerging economy with immediate effect.

      • Notes from the IFRS Advisory Council meeting

      • Jun 12, 2013

      • The IFRS Advisory Council met in London on 10-11 June 2013. We have posted the Deloitte observer notes from the meeting. Topics discussed included the costs and benefits of IFRS adoption, project updates and discussion on various IASB projects, an evaluation of the post-implementation review process, the Accounting Standards Advisory Forum (ASAF), and the role and composition of the IFRS Advisory Council.

      • Agenda for upcoming IFRS Advisory Council meeting

      • May 30, 2013

      • The IFRS Advisory Council is meeting in London on 10-11 June 2013. The agenda for the meeting has recently been made available. Topics to be discussed include the costs and benefits of IFRS adoption, project updates and discussion on various IASB projects, an evaluation of the post-implementation review process, the Accounting Standards Advisory Forum (ASAF), and the role and composition of the IFRS Advisory Council.

      • IFRS Foundation Annual Report 2012

      • May 23, 2013

      • The IFRS Foundation (IFRSF) under which the IASB operates has published its Annual Report for 2012. The report is split into three sections: IFRS Foundation, Standard-setting activities, and Financials.

      • Notes from day 2 of the February 2013 IFRS Advisory Council meeting

      • Feb 26, 2013

      • The IFRS Advisory Council met in London on 25-26 February 2013. We have posted the Deloitte observer notes from the second day of the meeting. The discussions included a review of the Due Process handbook, an outlining of the IASB's XBRL initiative, high-level summary of the preliminary results of a survey on the use of IFRSs globally, an EFRAG presentation of the preliminary feedback analysis of the comments received on the its discussion paper on disclosure framework, recent IASB activities in disclosure framework, and limited amendments to IFRS 9.

      • Notes from day 1 of the February 2013 IFRS Advisory Council meeting

      • Feb 26, 2013

      • The IFRS Advisory Council is currently meeting in London. We have posted the Deloitte observer notes from the first day of the meeting. The discussions included the impact of the newly created Accounting Standards Advisory Forum (ASAF) on the IFRS Advisory Council and the question of the membership criteria for the ASAF.

      • IFRS Advisory Council meeting agenda

      • Feb 20, 2013

      • The agenda has been released for the upcoming meeting of the IFRS Advisory Council, which is being held in London on 25-26 February 2013. The meeting will include discussion of the impact of the newly created Accounting Standards Advisory Forum (ASAF) on the IFRS Advisory Council.

      • IFRS Advisory Council membership update

      • Feb 15, 2013

      • The IFRS Foundation Trustees have announced the appointment of Roger Best, Daniel McMahon, and Markus Grund as new members of the IFRS Advisory Council.

      • Paul Cherry selected as an Officer of the Order of Canada

      • Dec 31, 2012

      • Paul Cherry, the IFRS Advisory Council Chairman, has been appointed to be an Officer of the Order of Canada, for 'his commitment to improving financial reporting, notably through his leadership in developing international accounting standards'. The Order of Canada is Canada’s senior civilian honour, recognising a lifetime of outstanding achievement, dedication to community, and service to the country.

      • UK Sharman inquiry calls for global consistency in interpretation of "going concern"

      • Jun 14, 2012

      • The United Kingdom Sharman Panel of Inquiry, established at the invitation of the UK Financial Reporting Council (FRC) to consider going concern and liquidity risks, has published its final report and recommendations ('Sharman report'). One of the recommendations is that the FRC should engage with the IASB and IAASB "to agree a common international understanding of the purposes of the going concern assessment and financial statement disclosures about going concern, and of the related thresholds and descriptions of a going concern".