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International
Institute of Certified Public Accountants
TERMS OF REFERENCE
ACCOUNTING
STANDARDS COMMITTEE
APPROVED
MARCH 2009
1.0 Mission
1.1
The mission of the International Institute of Certified Public
Accountants (IICPA) is to serve the public interest by providing
professional expertise in matters of international accountancy.
1.2
The Committee develops and issues under its own authority,
accounting standards, practice statements, discussion papers and
other information documents on international financial accounting and
related matters.
1.4
The IICPA Board has determined that designation of the Committee as
the responsible body, under its own authority and within its stated
terms of reference, best serves the public interest in achieving this
aspect of its mission.
2.0
OBJECTIVES
2.1 The Committee’s objectives are to serve the public interest by establishing international accounting standards and other statements reflecting good practices in the preparation and presentation of financial statements and related statements (collectively referred to as “pronouncements” as described in Article 3.0 below).
3.0
PRONOUNCEMENTS
4.1
The sole authoritative text of the pronouncements are those
published by the Committee in the English language.
4.0
MEMBERSHIP
4.1
The members of the Committee, including the Chair and Deputy Chair,
are appointed by the IICPA Board. The Committee comprises twenty (20)
members of the IICPA, namely:
4.2
The selection process’ primary criteria are the professional
abilities of the nominees in relation to the position for which they
are being nominated.
4.3
The selection process also seeks a balance between the personal and
professional qualifications of a nominee and international
representational needs. Accordingly, consideration will be given to
other factors including geographic representation, sector of the
accounting profession (including public accountancy, commerce and
industry, and academia), size of organization, and level of economic
development.
4.4
Candidates for appointment as Committee members may be put forward
by any individual or organization.
4.5
Committee members serve for three years, with one third of the
Committee membership subject to
retirement
every year. Continuous service on the Committee is limited to two
consecutive three-year
terms,
unless that member is appointed to serve as Chair or Deputy Chair
for a further period of not more than three years.
4.6
Committee members may be accompanied at meetings by a technical advisor.
4.7
The Committee may also include up to three observers, appointed at
the discretion of the IICPA Board. Observers may attend Committee
meetings, have the privilege of the floor, and participate in
projects, but have no vote. These observers would be expected to
possess the technical skills to participate fully in Committee
debates and attend Committee meetings
regularly
to maintain an understanding of current issues.
4.8
Committee members are required to sign an annual statement declaring
they will act in the public interest and with integrity in
discharging their roles within the IICPA.
5.0
MEETING PROCEDURES
5.1
Each Committee meeting requires the presence, in person or by
simultaneous telecommunications link, of at least twelve appointed
members.
5.2
Committee meetings shall be chaired by the Chair, or in his/her
absence, by the Deputy Chair.
5.3
Each member of the Committee has one vote. The affirmative vote of
at least two-thirds of members present at the meeting or by
simultaneous telecommunications link or by proxy, but not less than
twelve, is required to approve or withdraw IASs and other
pronouncements, and to approve exposure drafts.
5.4
Committee meetings to discuss the development, and to approve the
issuance or withdrawal of exposure drafts and other pronouncements
intended to advance development of international professional
accountants are open to the public.
5.5
Matters of a general administrative nature or with privacy
implications may be dealt with in closed sessions. Agenda papers for
open sessions, including minutes of the meetings of the Committee are
published on the IICPA web site.
5.6
The meetings and agenda papers are in English, which is the official
working language of the IICPA.
6.0
DUE PROCESS
activities.
7.0
OTHER
7.1
The Committee will annually report on its work program, activities
and progress made in achieving its objectives during the year. This
report is normally published on the IICPA’s website.
7.2
The IICPA Board shall review the effectiveness of the
Committee’s processes at least every three years. |