The Trustees of the IFRS Foundation are seeking applications for membership of the IFRS Advisory Council, after the terms of a number of its members expire at the end of 2014. The primary objective of the Advisory Council is to provide a forum where the IASB and the Trustees consults individuals and representatives of organizations that are affected by its work and are committed to the development of high quality International Financial Reporting Standards (IFRSs).
The IFRS Foundation, through its standard-setting body, the International Accounting Standards Board (IASB), is the body responsible for developing a single set of high quality global accounting standards for use throughout the world.
The members of the Advisory Council are organizations that have an interest in standard-setting, and represent a diversity of geographical and professional backgrounds. The individual appointed to the Council will be a senior member of the organization which they represent. To ensure a balanced Council, the Trustees are seeking greater participation from emerging markets and the investor community.
While detailed knowledge of IFRSs is not required, familiarity with the basic concepts and application of IFRSs is desirable. Advisory Council members will be expected to attend three two-day meetings annually, generally held in London. The IFRS Foundation does not reimburse travel expenses or provide any fees or honoraria for membership. To ensure an even rotation of members, initial terms will be for either two or three years and will be renewable once.