Consultation with the Standards Advisory Council

The International Accounting Standards Board (IASB) consults the Standards Advisory Council (SAC) on its:

• technical agenda;
• project priorities;
• project issues related to application and implementation of IFRSs; and
• possible benefits and costs of particular proposals.

The SAC also serves as a sounding board for the IASB, and can be used to gather views that supplement the normal consultative process.

SAC meetings

The SAC normally meets three times a year for a period of two days. The Chairman of the IASB, the Director of Technical Activities, the Director of Research, and those IASB members and staff who are responsible for items on the SAC meeting agenda are normally required to attend the meetings.

IASB staff normally provide an update for the SAC, and invite questions and comments from Council members. Depending on the issue, the Chairman of the meeting may call for a formal poll to demonstrate to the IASB the extent of support within the SAC for a particular point of view.

If the IASB ultimately takes a position on a particular issue that differs from a polled expression of the SAC, the IASB gives the SAC its reasons for coming to a different position.

In addition to receiving advice from the SAC, the IASB also considers comments from SAC subcommittees.