Accounting Standards Advisory Forum (ASAF)
The Accounting Standards Advisory Forum (ASAF) formalises and streamlines the relationships between the IFRS Foundation and IASB with representatives from across the standard-setting community, in order to bring important regional perspectives to the IASB’s technical work and to offer feedback on the most important issues of the day.
The objective of the ASAF is to provide an advisory forum where members can constructively contribute towards the achievement of the IASB’s goal of developing globally accepted high-quality accounting standards.
The IFRS Foundation announced the formation of the ASAF in February 2013, after a consultation process. Initial membership was announced in March 2013. The first meeting of the ASAF was held on 8 and 9 April 2013.
Structure and membership
The ASAF is comprised of 12 members and a non-voting chair (being the IASB chair or vice-chair). The 12 members are sourced from the following geographical regions:
|Geographical region||Number of members|
|Americas (North and South)||3|
|Europe (including non-EU)||3|
|World at large*||2|
* subject to maintaining overall geographical balance.
The following ASAF members were appointed on 19 March 2013 (the two world at large seats were given to the Asia/Oceania region and Europe):
|Geographical region||ASAF member|
|Africa||South African Financial Reporting Standards Council, supported by the Pan African Federation of Accountants (PAFA)|
|Americas||Group of Latin American Standard Setters (GLASS), represented by the Brazilian Committee of Accounting Pronouncements|
|Canadian Accounting Standards Board|
|United States Financial Accounting Standards Board (FASB)|
|Asia/Oceania||Accounting Standards Board of Japan (ASBJ)|
|Australian Accounting Standards Board (AASB)|
|Chinese Accounting Standards Committee (CASC)|
|Asia Oceania Standard Setters Group (AOSSG), represented by the Hong Kong Institute of Certified Public Accountants (HKICPA)|
|Europe||Accounting Standards Committee of Germany (ASCG)|
|European Financial Reporting Advisory Group (EFRAG)|
|Spanish Accounting and Auditing Institute|
|United Kingdom Financial Reporting Council (FRC)|
Meetings of the ASAF are usually held in London.