Read To Learn

The standard setter’s organisational structure comprises of

  IFRS Foundation Monitoring board
  • Provides a formal link between the Trustees and public authorities with the purpose of enhancing public accountability of the IFRS Foundation
  • Primary responsibilities include:
    • Ensuring that trustees discharge their duties in accordance with the IFRS foundation constitution
    • Approving the appointment and reappointment of trustees
  IFRS Foundation Trustees
  • Trustees perform a governance and oversight function over the activities of the IFRS Foundation and IASB
  • The 20 members are not involved in technical matters but are responsible for:
    • Appointing members for the IASB, IFRS Interpretations committee and the IFRS Advisory council
    • Establishing and amending operating procedures, consultative arrangements and due process for the IASB, the Interpretations Committee and the Advisory council
    • Reviewing IASB strategy annually and assessing it’s affectiveness
    • Ensuring financing of the IFRS foundation and approving annual budgets
    • Safeguarding and independence of the IASB
  IFRS Foundation
  • Is an independent, not-for-profit sector organisation working in the public interest
  • Objectives or the IFRS Foundation are:
    • Develop a single set of high quality, understandable, enforceable and globally accepted IFRS’s through IASB
    • Promote the use and rigorous application of those standards
    • Take account of the financial reporting needs of emerging economies
    • Promote and facilitate the adoption of IFRS’s through the convergence of national accounting standards
  The international accounting standards board (IASB)
  • IASB is the independent, standard-setting body of the IFRS Foundation
  • 12 full time members
  • IASB is responsible for the development and publication of IFRS’s, IFRS for SMME’s and approving interpretations of IFRS development by the IFRS Interpretations committee
  IFRS Advisory council
  • The formal advisory body of the IASB and the trustees of the IFRS foundation
  • Has over 48 members who are appointed by the trustees
  • Advises the IASB on issues including providing input on single projects, the practical application of IFRS and implementation issues
  IFRS interpretations committee
  • Is the interpretative body of the IASB
  • 14 members appointed by trustees
  • Objective is to review and provide timely authoritative guidance on issues arising from the application and interpretation of IFRS and deals with:
    • Newly identifies issues in IFRS not specifically covered in IFRS
    • Issues where unsatisfactory or conflicting issues have or may potentially develop