The IASC Foundation has two main bodies, the Trustees and the International Accounting Standards Board (IASB) and its related bodies, the International Financial Reporting Interpretations Committee (IFRIC) and the. Standards Advisory Council. The Trustees appoint the members of the IASB and related bodies, exercise governance oversight over the IASB and other committees and raise the funds needed, whereas the IASB has sole responsibility for setting accounting standards in accordance with its mandate set out in the. IASC Foundation Constitution