The International Accounting Standards Committee (IASC) Foundation through its standard-setting body, the International Accounting Standards Board (IASB), is the private sector independent body responsible for developing a single set of high quality global accounting standards for use throughout the world. More than 120 countries require or permit the use of International Financial Reporting Standards (IFRSs) developed by the IASB.
XBRL (eXtensible Business Reporting Language) is rapidly becoming the worldwide standard for electronic financial reporting. The IASC Foundation has played an important role in encouraging the development of online financial reporting using XBRL. The Trustees of the IASC Foundation are now inviting applications from suitable candidates for membership of its two XBRL committees - the XBRL Advisory Council (XAC) and the XBRL Quality Review Team (XQRT).
The XAC provides strategic advice to the Foundation Trustees and to the XBRL Team on the adoption and implementation of the IFRS Taxonomy throughout the world. The XQRT reviews developed taxonomies in order to achieve the highest level of quality, by providing input and practical recommendations on the usability of the IFRS Taxonomy, from both an XBRL technology and a financial reporting perspective.
Members of the XAC and the XQRT are drawn from a broad geographical spread and from a range of professional backgrounds to include academics, accounting firms, analysts, preparers and issuers, software vendors and service providers. Observers are also appointed to both committees from the European Commission, the Financial Services Agency of Japan, the US Securities and Exchange Commission, the International Organization of Securities Commissions, and XBRL International Inc.
Applications are invited by 27 August 2010. Further details and membership specifications are available opposite.