Domain: Accounting
Question:
The IFRS Foundation comprises various boards. Included in these boards is the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) (Deloitte, 2024). What are the key differences between the aforementioned boards, considering the membership, global balance, qualification requirements, term of service, as well as meetings held? Make reference to the IFRS in your pocket 2024 report published by Deloitte (2024).

Expected points in a correct answer:
Share that the IASB has 14 members. Most are full-time, so that they commit all of their time to paid employment as an IASB member.
IASB members are selected to ensure an optimal balance of technical accounting expertise at all times.
Share that ISSB members are most are full-time, so that they commit all of their time to paid employment as an ISSB member.
Share that the ISSB has 14 members
Share that up to three can be part-time, but they are expected to spend most of their time on IASB activities.
Share that a minority can be part-time, but they are expected to spend most of their time on ISSB activities.
Share that within ISSB, up to three members are appointed from each of Asia-Oceania, Europe and the Americas and one member from Africa.
Share that within IASB one additional member can be appointed from any area, subject to maintaining overall geographical balance.
Share that within IASB, up to four members are appointed from each of Asia-Oceania, Europe and the Americas and one member from Africa.
ISSB members are selected to ensure the Board consistently has the strongest possible combination of technical expertise.
Members bring diverse international business and market experience to support the development of high-quality global financial reporting standards.
Members include people who have experience as auditors, preparers, users, academics and market and/or financial regulators.
Share that within ISSB, four additional members can be appointed from any area, subject to maintaining overall geographical balance.
Further expand that collectively, ISSB members are expected to demonstrate expert knowledge, relevant industry expertise in sustainability reporting and share practical, relevant and up-to-date experience of sustainability reporting so that the ISSB as a group can contribute to the development of high-quality, global sustainability disclosure standards.
Share that members include people who have experience as auditors, preparers, users, academics and market and/or financial regulators.
Further explain that this helps to develop high quality, global sustainability reporting standards.
Members bring diverse international business and market experience to reflect global markets and stakeholders.
Share that for IASB, the maximum term is 10 years, where an initial term of five years and a second term of three to five years
Share that for the Chair and Vice-Chair, where where an initial term of five years and a second term of five years
Share that same as ISAB, for ISSB, the maximum term is 10 years-an initial term of five years and a second term of three to five years (five years for the Chair and Vice-Chair)
Share that IASB meets in public to discuss technical matters
Share that IASB usually meett once a month
Share that same as ISAB,The ISSB meets in public to discuss technical matters
Share that most IASB members are full-time, so that they commit all of their time to paid employment as an IASB member.
Share that the appoint is subject to maintaining overall geographical balance.
Share that the IFRS IC is responsible for developing interpretations of IFRS Accounting Standards
Share that the IASB is a technical standard-setting body