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The Regulatory Framework of Financial Reporting

2.2 Further detail

International Financial Reporting Standards Foundation

The IFRS Foundation is the supervisory body for the IASB and is responsible,
amongst other things, for the promotion and rigorous application of high-quality
financial reporting standards.

International Accounting Standards Board (The Board)

The IASB is the independent standard setting body of the IFRS Foundation. Its
members are responsible for the development, approval and publication of IFRS
Standards and interpretations developed by the IFRS IC (see below). Upon its
creation the IASB also adopted all existing IAS, the forerunner to IFRS. All of the
most important national standard setters are represented on the IASB and their views
are taken into account so that a consensus can be reached.

The IFRS Interpretations Committee (IFRS IC)

The IFRS IC reviews widespread accounting issues (in the context of IFRS) on a
timely basis and provides authoritative guidance on these issues, abbreviated as
(IFRICs) e.g. following publication of a new or revised IFRS. Their meetings are open
to the public and, similar to the IASB, they work closely with national standard
setters.

The IFRS Advisory Council (IFRS AC)

The IFRS AC is the formal advisory body to the IASB and the IFRS Foundation. It is
comprised of a wide range of members who are affected by the IASB's work.

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