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
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