The IASB has formal advisory bodies that provide a means for the board to consult and engage with interested parties from a range of backgrounds and geographical areas. These advisory bodies include the:
1. IFRS Advisory Council– It comprises a broad range of representatives from groups that are affected by and interested in the IASB’s tasks.
2. Capital Markets Advisory Committee (CMAC) – It provides the IASB with regular input from the global community of financial statements users.
3.Financial Crisis Advisory Group (FCAG) – Works in improvements in financial reporting that could help increase investor confidence in financial markets.
4. Global Preparers Forum (GPF) – It provides the IASB with input from the worldwide preparer community.
5. Accounting Standards Advisory Forum (ASAF) – It provides an advisory forum where members can contribute towards the attainment of the IASB’s goal of developing internationally accepted quality accounting standards.
6. Consultative groups – It gives the IASB access to additional practical experience and expertise.
7. Emerging Economies Group (EEG) – It aims at enhancing the participation of rising economies in the progress of IFRSs.
8. IFRS Transition Resource Group -Works for Impairment of Financial Instruments (ITG) – It provides support for stakeholders on implementation issues arising on the new impairment requirements following the issue of IFRS 9 Financial Instruments (2014).
9. Working with National standard-setters and Regional Bodies – To be confident that the Standards it develops can be applied on a consistent basis across the countries applying IFRS.
10. Transition Resource Group for Revenue Recognition (TRG) –It informs the IASB and the FASB about possible implementation issues that could occur when entities implement the new Standard.
11. SME Interpretations Group.
Working groups may be established for major projects to provide the IASB with access to additional expertise as required; for example, the Employee Benefits Working Group and the Insurance Working Group. Further information about advisory bodies, including reports and summaries of discussions, can be obtained from the SOURCE: IASB’s website.