CAT / FIA FFA Syllabus A. The Context And Purpose Of Financial Reporting - IFRS AC and IFRS IC - Notes ^{2 / 2}

The IFRS Advisory Council (IFRS AC)

The IFRS Advisory Council (IFRS AC) gives advice to the IASB on a range of issues which includes:

1. Input on the IASB’s agenda and timetable priorities

2. Advise on projects, particularly practical application and implementation issues

3. Inform the IASB of the implications of proposed standards for users and preparers of financial statements

The IFRS AC also supports the IASB in the promotion and adoption of IFRSs throughout the world.

This may include the publishing of articles supportive of IFRSs and addressing public meetings on the same subject.

The IFRS Interpretations Committee (IFRS IC)

• Reports to the IASB

• Reviews the current IFRSs and the IASB Framework and accounting issues

• Review new financial reporting issues

• Issue guidance on application and interpretation of IFRSs