The IFRS trustees have reappointed the
existing IFRS advisory council leadership and made changes its
membership model.

The trustees have reappointed chairman Paul
Cherry for a further two year term and vice chairmen Charles Macek
and Patrice Marteau, for an additional three and one year term.

The trustees have also made minor
modifications to the membership model by inviting regional
standard-setting bodies to join, instead of national
standard-setters currently serving on the council. The advisory
council said it encourages participation from developing markets
and other economies committed to IFRS adoption.

Additionally they have committed to seek
further participation from the academic community, other
internationally recognised professional bodies with an interest in
financial reporting not currently represented, and the SME

On the issue of membership rotation, the
trustees agreed that future elected membership will be for one, two
and three year terms.

One year terms will be given to all who have
already served two terms, two-year terms for those who are being
put forward for a second term, and three-year terms will be handed
to all new candidates, and some serving a second term.