The Main Players

International Accounting Standards Board (IASB)

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Why is it important?

IASB is a FSB member, and is working on issues relating to tax justice along with the OECD Global Forum. It is a private sector organisation mandated to develop and promote a single set of high quality, understandable, enforceable and globally accepted International Financial Reporting Standards (IFRS).

 

Organisation and membership


Source: http://www.ifrs.org/The+organisation/How+we+are+structured.htm

Chair: Professor Sir David Tweedle

There are presently 15 members (to be expanded to 16 by 2012) appointed by the Trustees. Names and biographies are available on the website[1]. No members are from LICs, although one is from South Africa (Darrel Scott).

 

Working groups[2]

IASB establishes working groups for its major projects. Their meetings are announced on the meeting diary of the website, open to the public, and chaired by an IASB member. Present groups include (refer to the webpages for individual member names and their affiliations):

  • Employee Benefits (members from Belgium, Canada, France, India, Japan, Korea, Malaysia, Netherlands, South Africa, Spain, UK, US; observers from EC, EFRAG, IOSCO)
  • Lease Accounting (members from Canada, France, Germany, Hong Kong, South Africa, Sweden, UK, US; observers from EFRAG, IOSCO)
  • Insurance (members from Australia, Bermuda, Canada, France, Germany, Japan, Netherlands, Switzerland, UK, US; observers from BCBS, EFRAG, IAIS, IOSCO)
  • Joint International Group on Financial Statement Presentation (members from Australia, Finland, France, Germany, Hong Kong, Japan, Sweden, Switzerland, UK, US; observers from BCBS, EFRAG, IOSCO)
  • Financial Institution Advisory Group on Financial Statement Presentation (members from Ernst & Young, Casey Family Programs, Aviva PLC, NAIC, Standard and Poor’s Financial Services Ratings, Group Financial Reporting Allianz SE, Banque France, UBS, Stern School of Business NYU, Allstate, BCBS, Fox-Pitt, Kelton[3]
  • Financial Instruments

 

IFRS Interpretations Committee reviews and provides guidance on accounting issues that have arisen within the context of current IFRSs. It works with similar national committees. Meetings are open to the public and webcast. The Chair is Robert Garnett. There are 14 voting members appointed by the Trustees and drawn from a variety of countries and professional backgrounds none of which are LICs[4]. Observers include IOSCO and the European Commission.

Some operations include the IFRS XBRL team (for SMEs to facilitate the electronic use, exchange and comparability of financial data prepared in accordance with IFRSs); and IFRS Foundation Education Initiative (training and events for the IFRS for SMEs).

 

Additional information