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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