On 1 November 2012 the IFRS Foundation published proposals to create a new advisory group to the International Accounting Standards Board (the Board), which should 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 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 would take into account in selecting the members of the forum, together with a proposed Terms of Reference and a Memorandum of Understanding (MoU).
The IFRS Foundation also published a Feedback Statement analysing the comments received in response to its public consultation paper 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 Board and the global accounting standard-setting community.
The Trustees of the IFRS Foundation announced the inaugural membership of the ASAF on 19 March 2013. The Trustees agreed to review the ASAF and its membership two years after its establishment.
The Trustees completed the first review of the ASAF in May 2015 and published a Feedback Statement and a second Call for Nominations.
On 24 June 2015 the IFRS Foundation announced the revised membership of the ASAF.
In 2018, the IFRS Foundation Trustees carried out a further review of the ASAF and published a Feedback Statement on the 2018 review and a Call for Candidates in June 2018.
On 30 October 2018 the IFRS Foundation announced the revised membership of ASAF for 2018-2021. Membership of the ASAF, which is renewable, is subject to review every three years. The members of ASAF and the IFRS Foundation signed a Memorandum of Understanding on 6 December 2018.