The Trustees of the IFRS Foundation invite applications from suitable candidates to fill two vacancies on the IFRS Interpretations Committee (‘the Interpretations Committee’).
The Interpretations Committee is the interpretative body of the International Accounting Standards Board (IASB). It consists of fourteen voting members under the non-voting chairmanship of Sue Lloyd. The role of the Interpretations Committee is to interpret the application of International Financial Reporting Standards (IFRSs) to ensure consistent
accounting practices throughout the world and to provide timely guidance on financial reporting issues that are not specifically addressed in IFRS, within the context of the IASB’s Conceptual Framework.
When considering candidates, Trustees will look for individuals who:
• have a high level of technical expertise;
• add to the diversity of the Interpretations Committee in terms of international business and market experience;
• have market experience in the practical application of IFRS Standards and analysis of financial statements prepared in accordance with IFRS Standards; and
• can serve in an individual capacity and demonstrate their independence.
Following interviews, the successful candidates will be appointed to serve for a term that will begin on 1 July 2018 and that will expire on 30 June 2021. The term may be renewed for a further three years. Members are expected to attend, in London, up to six two-day meetings each year. Membership is unpaid, but the IFRS Foundation meets members’ reasonable travel expenses incurred for Interpretations Committee business.
Please refer to the criteria and indicate interest by sending a cover letter and curriculum vitae by 13 March 2018 to LACPA Secretary General, email:email@example.com.
Criteria for Interpretations Committee Members The Constitution states:
“The Interpretations Committee, formerly called the International Financial Reporting Interpretations Committee, shall comprise fourteen voting members, appointed by the Trustees under section 15(c) for renewable terms of three years. The Trustees shall select members of the Interpretations Committee so that it comprises a group of people representing, within that group, the best available combination of technical expertise and diversity of international business and market experience in the practical application of IFRSs and analysis of financial statements prepared in accordance with IFRSs. Expenses of travel on Interpretations Committee business shall be met by the IFRS Foundation.”
It was agreed that the following criteria should be met when considering individuals for membership on the IC:
• Have a high level of technical expertise.
• To add to the diversity of the IC in terms of International business.
• Have market experience in the practical application of IFRS standards and analysis.
of financial statements prepared in accordance with IFRS standards.
• Can serve in an individual capacity and demonstrate their independence.
Accounting Firms Allocation:
Representation from the accounting firms is limited to five of the 14 seats on the IC. At any one time, there may only be one individual from each of the four large firms and one individual occupying the rotating seat from the mid-tier firms.
Regulators will be considered for observers seats on the basis that they are able to represent a broad body of regulators.
Criteria for Interpretations Committee Observers
The Constitution states:
“The Trustees, as they deem necessary, shall appoint as non-voting observer
representatives of regulatory organisations, who shall have the right to attend and speak at meetings..”
It was agreed that the following criteria should be met when considering securities or prudential regulators for the role of Observer:
• Ability to give feedback and an insight into issues from within their industry
• Must link in with other regulatory organisations where accounting standards issues and/or conflict with market conduct may arise.