IFRS: Structure

The International Accounting Standard Committee (IASC) Foundation is an independent body that overseas the International Accounting Standard Board (IASB) The IASC appoints Standard Advisory Council, The IASB and International Financial Reporting Interpretations Committee (IFRIC).

1. IASB consist of 14 members for the initial term of three to five years. IASB is responsible for technical matters including:-\
-- Preparation & issue of IFRS
-- Preparation & Issue of exposure draft,

-- setting up procedures for reviewing comments received on documents published for comments.

-- Issuing bases for conclusions.

2. Standard Advisory Council (SAC) consist of 40 members appointed by IASC Foundation trustees. They are appointed for a renewable term of three years with a diverse geographic and functional background. SAC meets in public at least 3 times a year with IASB. There main objectives are to advice the IASB on agenda decisions, to pass views of the council members on the major standard setting project and other works.

3. IFRIC consist of accounting experts from 12 countries appointed by trustees.
The main objects of IFRIC are to develop conceptually sound & practicable interpretations of IFRSs to be applied on a global basis:

• for newly identified financial reporting issues not specifically addressed in IFRSs
  
• where unsatisfactory, conflicting, divergent or other unacceptable interpretations have develop or seem likely to develop in the absence of authoritative guidance.
  

There are total 19 IFRICs have been issued till date. (I will be posting a saperate blog for IFRICs. )

IFRS Introduction

Hello,

This Blog is for the people who are studying IFRS. I am Qualified Chartered Accountant. I would like to share the IFRS in very simple language. Specially for the countries in which it is the first time adoption of IFRS.

Intro: IFRS are standards and interpretations adopted by International Accounting Standard Boards (IASB). IFRSs are actually major international Generally Accepted Accounting Principles (GAAP). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS).
IFRSs apply to the published financial statements of all profit-oriented entities. They apply to all 'general purpose financial statements'. An IFRS applies from the date specified in the standard.