Standard Setting Process of FRSC including the PIC

Key: Appoints
Reports to
Advises

Monitoring Board
Approved & oversee trustees

IFRS Foundation
22 Trustees (Appoint, oversee, raise funds)

IASB IFRS Interpretations Committee

Maximum 16 members
Set technical agenda; approve standards,
exposure drafts, and interpretations.
14 members issue interpretations on the
application of IFRS and develop other
minor amendments.

IFRS Advisory Council Accounting Standards Advisory Forum (ASAF)

Approximately 40 members Provide standards setter input into technical

Advise on agenda and priorities. projects.

WORKING GROUPS
For major agenda projects.
The composition of FRSC including the PIC

Any
comments?

Consideration of pronouncement Formation of task force; to give Issuing for comment and exposure
of the IASB advice to FRSC draft approved by a majority of the
FRSC

Final standard and interpretation Approval of a standard or

submitted to the PRC through BOA interpretation by a majority of the Board evaluates responses and
for approval and become operative FRSC members changes exposure draft
from the effective date stated therein