Leading You To Know IASB(II)

The role of the Advisory Council is to enhance the credibility of IAS and promote its wide recognition. The Standing Interpretation Committee regularly considers issues of disagreement or unacceptable treatment due to lack of authoritative guidelines, drafts announcements of interpretation (draft proposals), solicits opinions publicly and submits them to the Board for approval.check here

About its reorganization

The restructuring of IASC was proposed in 1997, for which the IASC established a Strategy Working Party.

At the end of 1998, check here the Strategic Working Party put forward a restructuring plan, which is embodied in the Research Report “reconstruction of the Future of IASC”.

The plan suggests that the new IASC should have three levels of foundations, councils and formulation committees. The foundation appoints and removes members of the board and formulation committees. The Council is responsible for deliberation and voting, and the committee is responsible for studying and drafting guidelines.

The difference between the scheme and the original structure is that the accounting standards are formulated by full-time members rather than by part-time staff such as steering committees as before; technical discussions fall at the level of the formulation committees, and the Council is more like a voting body. Because research, formulation and voting are carried out separately by two institutions, it has been called the “bicameral system”.

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