The IFRS Advisory Council is the formal advisory body to the IASB and the Trustees of the IFRS Foundation. It comprises a wide range of representatives from groups that are affected by and interested in the IASB’s work. These include investors, financial analysts and other users of financial statement, and preparers, academics, auditors, regulators, professional accounting bodies and standard-setters.
The IFRS foundation is the oversight body of the various boards/committees such as the IASB, IFRS, interpretation committee and so forth. It is an independent, non for profit private sector organization working working in public interest.Its principle objectives include:
- To develop single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRS) through its standard