Final answer:
The International Financial Reporting Standards (IFRS) Advisory Council serves as the equivalent advisory body to the IASB, similar to the FASAC's role with the FASB, providing strategic advice and diverse global perspectives in the development of IFRS Standards.
Step-by-step explanation:
The equivalent to the Financial Accounting Standards Board's (FASB) Financial Accounting Standards Advisory Council (FASAC) for the International Accounting Standards Board (IASB) is the International Financial Reporting Standards (IFRS) Advisory Council. The IFRS Advisory Council provides the IASB with strategic advice and feedback on the setting of accounting standards, much like the FASAC does for the FASB. Its role is to ensure that the IASB considers the perspectives and needs of a diverse range of stakeholders around the world in the development of IFRS Standards.