Council on International Financial Reporting Standards

The Council for International Financial Reporting Standards (IASB) was established in 2001 by transforming the Committee for International Financial Reporting Standards (IASB) ^[1] . The office is located in London , UK .

The board consists of 12 permanent members appointed by the Trustees of the IFRS Foundation ^{[2] [3]} :

1.   (chairman) (previously served as Minister of Health, Welfare and Sports of the Netherlands )
2.   Stephen Cooper (worked for UBS )
3.   Philippe Denjo (Director )
4.   Martin Edelmann (worked at KPMG )
5.   Amaro Luis de Oliveira Gomez (worked at the Central Bank of Brazil )
6.   Gary Kaburek (worked at Xerox )
7.   Suzanne Lloyd (worked at JP Morgan )
8.   Takatsugu Ochi (worked at the )
9.   Darrell Scott (worked at )
10.   Dr. Chang Wu Suh (professor at Kukmin University )
11.   Mary Tokar (worked for the US Securities and Exchange Commission )
12.   Wei-Gvo Zhang (Professor, ).

The IASB faces the goals of developing and adopting a set of accounting standards, as well as actively cooperating with national authorities to ensure that financial reporting standards are brought together throughout the world ^[1] .

Based on the objectives established functions of the IASB:

• publication of the basis for the conclusion,
• development and publication of rules for the consideration of comments,
• the development and publication of draft standards and the standards themselves ^[1] .

The IASB establishes, on a regular basis, official advisory bodies to work together to consult with stakeholders from various industries and geographic regions. Joint meetings with these bodies are held publicly and are recorded. Consultative bodies of the IASB include ^[4] :

• Consultative Forum on Financial Reporting Standards (ASAF) - a forum of representatives of national and regional bodies that establish financial reporting standards, to provide technical assistance and feedback to the IASB;
• The IFRS Advisory Board is a joint body with the IASB and the Board of Trustees of the Fund, consisting of representatives of financial statements, financial analysts, scientists, auditors, regulatory bodies, professional accounting organizations and groups of investors;
• Capital Markets Advisory Committee - an external advisory group to the IASB, consisting of investors and other users of financial statements;
• The Emerging Markets Group - established to increase the participation of developing countries in the development of IFRS, including representatives from the G20 member countries with emerging market economies and Malaysia;
• International Financial Reporting Standards Forum - an external advisory group to the IASB, consisting of organizations that make up financial statements in accordance with IFRS;
• The SME Group is a group that supports internationally adopting IFRS for small and medium-sized enterprises and oversees their implementation;
• Consultative groups - groups usually established for large projects, provide the IASB with additional theoretical and practical knowledge.

IFRS Advisory Board

The IFRS Advisory Council advises the members of the IASB and the International Financial Reporting Interpretations Committee (CIMFO), and holds discussions on methodological issues in the application of IFRS. The Advisory Council meets together with the IASB at least 3 times a year and its meetings are open to the public. The Standards Advisory Council consists of 48 representatives appointed by the trustees for 3 years, from 43 organizations representing different geographic regions and areas of activity ^[1] .