The International Accounting Standards Board (IASB)

The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs).

The IASB operates under the oversight of the IFRS Foundation.

The IFRS Foundation

The IFRS Foundation (formally called the International Accounting Standards Committee Foundation or IASCF) is a not-for-profit, private-sector body that oversees the IASB.

The objectives of the IFRS Foundation are to:

• Develop a single set of high-quality, understandable, enforceable, and globally accepted IFRS Standards through its standard-setting body, the IASB
• Promote the use and vigorous application of those standards
• Take account of the needs of a range of sizes and types of entities in diverse economic settings (eg entities operating in emerging economies and small and medium-sized entities (SMEs))
• Promote and facilitate adoption of IFRS Standards through the convergence of national accounting standards and IFRS Standards.

Structure of the IFRS Foundation

The structure is as follows.

?a)?????Trustees.

The Trustees comprise a group of individuals with diverse geographic and functional backgrounds. The Trustees appoint the Members of the Board, the IFRS Interpretations Committee and the IFRS Advisory Council. In addition to monitoring the Foundation's effectiveness and raising its funds, the Trustees will approve the budget and have responsibility for constitutional changes.

b)?????IFRS Advisory Council.

The IFRS Advisory Council provides a formal vehicle for further groups and individuals with diverse geographic and functional backgrounds to give advice to the Board and, at times, to advise the Trustees. It is consulted by the IASB on all major projects and Its meetings are open to the public. It advises the IASB on prioritization of its work and on the implications of proposed standards for users and preparers of financial statements.

c)?????IFRS Interpretations Committee.

The Interpretation Committee provides timely guidance on the application and interpretation of IFRS Standards. It deals with newly identified financial reporting issues not specifically addressed in IFRS Standards or issues where unsatisfactory or conflicting interpretations have developed or seem likely to develop.

?

?

?

?

?

?

?

?

?

?

?

?

?

?

?

a)?????Trustees.

The Trustees comprise a group of individuals with diverse geographic and functional backgrounds. The Trustees appoint the Members of the Board, the IFRS Interpretations Committee and the IFRS Advisory Council. In addition to monitoring the Foundation's effectiveness and raising its funds, the Trustees will approve the budget and have responsibility for constitutional changes.

b)?????IFRS Advisory Council.

The IFRS Advisory Council provides a formal vehicle for further groups and

individuals with diverse geographic and functional backgrounds to give advice to the Board and, at times, to advise the Trustees. It is consulted by the IASB on all major projects and Its meetings are open to the public. It advises the IASB on prioritization of its work and on the implications of proposed standards for users and preparers of financial statements.

c)?????IFRS Interpretations Committee.

The Interpretation Committee provides timely guidance on the

application and interpretation of IFRS Standards. It deals with newly identified financial reporting issues

not specifically addressed in IFRS Standards or issues where unsatisfactory or conflicting interpretations

have developed, or seem likely to develop.