The International Accounting Standards Board (IASB) receives assistance and guidance from various advisory bodies in the development of international accounting standards.
- IFRS Advisory Council:
- Comprises a diverse group of stakeholders.
- Council meets regularly to discuss strategic issues, provide input on the IASB’s agenda etc. (Notes by Sachin Education Hub)
- IFRS Interpretations Committee (IFRIC):
- Assists the IASB in interpreting and providing guidance on the application of International Financial Reporting Standards (IFRS).
- Accounting Standards Advisory Forum (ASAF):
- Includes representatives from major standard-setting bodies around the world.
- Providing the IASB with insights into the global application of accounting standards.
- Capital Markets Advisory Committee (CMAC):
- Advises the IASB on financial reporting issues from the perspective of capital market participants.
- Helping ensure that standards meet the needs of investors and other stakeholders.
- Global Preparers Forum (GPF):
- It provides input to the IASB on practical implementation challenges, the potential impact of proposed standards on preparers etc.
(YouTube Channel) – https://www.youtube.com/channel/UC8ZPDaWIikm7tCDbHVQOinQ/
(YT CHANNEL IN Hindi) – https://www.youtube.com/channel/UCSl–GeKOfMm1ljUglxFDHQ/
- Small and Medium-sized Entities Implementation Group (SMEIG):
- Addresses the implementation issues specific to SMEs and provides recommendations to the IASB on improvements to the SME standard.
- IFRS Advisory Groups: The IASB may establish advisory groups focused on specific projects or areas of interest.
