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Tuesday 02 September 2014

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Accounting Standards Advisory Forum (ASAF)

Accounting Standards Advisory Forum (ASAF)


History of the ASAF


On 1 November 2012 the IFRS Foundation published for public comment proposals to create a new advisory group to the International Accounting Standards Board (IASB), to consist of national accounting standard-setters and regional bodies with an interest in financial reporting. The creation of such a group was one of the main recommendations of the February 2012 report Strategy Review 2011 by the Trustees of the IFRS Foundation.

The IFRS Foundation issued a Call for Candidates on 1 February 2013, inviting nominations for membership of the Accounting Standards Advisory Forum (ASAF). The Call for Candidates set out the membership criteria and other factors that the IFRS Foundation will take into account in selecting the members of the forum, together with proposed Terms of Reference and a Memorandum of Understanding (MoU).

The IFRS Foundation also published a feedback statement analysing comments received in response to its public consultation paper entitled “Invitation to Comment: Proposal to Establish an Accounting Standards Advisory Forum”. The responses to that consultation revealed a high level of support for establishing the ASAF as a means of securing a more streamlined and effective dialogue between the International Accounting Standards Board (IASB) and the global accounting standard-setting community.

The Trustees of the IFRS Foundation announced the inaugural membership of the Accounting Standards Advisory Forum (ASAF) on 19 March 2013. The Trustees will review the ASAF and its membership after two years.