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Accounting Standards Advisory Forum (ASAF)

Accounting Standards Advisory Forum (ASAF)

Background

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 will be 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 regionNumber of members
Africa 1
Americas (North and South) 3
Asia/Oceania 3
Europe (including non-EU) 3
World at large* 2
TOTAL 12

* subject to maintaining overall geographical balance.

Initial membership

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 regionASAF 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.

Related news

  • Agenda for the March 2014 ASAF meeting

  • Feb 11, 2014

  • The International Accounting Standards Board (IASB) has released the tentative agenda for the meeting of the Accounting Standards Advisory Forum (ASAF), which is to be held at the IASB's offices in London on 3-4 March 2014. The meeting will discuss a number of the IASB's projects, including insurance contracts, conceptual framework, rate regulation, leases, and the disclosure initiative.

  • Report from recent IFASS meeting released

  • Dec 12, 2013

  • A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held in Brussels on 19‐20 September 2013.

  • Agenda for the December 2013 ASAF meeting

  • Nov 15, 2013

  • The International Accounting Standards Board (IASB) has released the tentative agenda for the meeting of the Accounting Standards Advisory Forum (ASAF), which is to be held at the IASB's offices in London on 5-6 December 2013. The meeting will discuss a number of the IASB's projects, including conceptual framework, leases, post-implementation review of IFRS 3, and rate regulation.

  • Summary of ASAF September meeting

  • Oct 14, 2013

  • The summary of the Accounting Standards Advisory Forum (ASAF) September 2013 meeting has been made available by the IASB staff. During the meeting, the members discussed various IASB projects, such as disclosure, insurance contracts, leases, financial instruments, and the conceptual framework.

  • Report from recent IFASS meeting released

  • Sep 30, 2013

  • A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held in São Paulo on 17‐18 April 2013.

  • Hans Hoogervorst talks collaboration at the WSS conference

  • Sep 23, 2013

  • IASB Chairman, Hans Hoogervorst gave a speech today at the World Standard-Setters (WSS) Conference on strengthening institutional relationships. He discussed the role that collaboration plays in the current and future success of IFRS.

  • ASAF meeting agenda released

  • Sep 12, 2013

  • The International Accounting Standards Board (IASB) has released the tentative agenda for the meeting of the Accounting Standards Advisory Forum (ASAF), which is to be held at the IASB's offices in London on 25-26 September 2013. The meeting will discuss a number of the IASB's projects, including disclosure, insurance contracts, financial instruments, leases and the conceptual framework.

  • Russell Golden outlines priorities for the FASB

  • May 31, 2013

  • In a speech delivered at the 32th Annual SEC and Financial Reporting Institute Conference in Pasadena, California on 30 May, upcoming Financial Accounting Standards Board (FASB) Chairman Russell Golden presented his views on the FASB’s current and future tasks.

  • Agenda for upcoming IFRS Advisory Council meeting

  • May 30, 2013

  • The IFRS Advisory Council is meeting in London on 10-11 June 2013. The agenda for the meeting has recently been made available. Topics to be discussed include the costs and benefits of IFRS adoption, project updates and discussion on various IASB projects, an evaluation of the post-implementation review process, the Accounting Standards Advisory Forum (ASAF), and the role and composition of the IFRS Advisory Council.

  • Summary of April 2013 GLASS meeting

  • May 15, 2013

  • The Group of Latin American Accounting Standard Setters (GLASS) has released a summary of its meeting held in São Paulo during April. The meeting also saw a presentation from the Asian-Oceanian Standard-Setters Group (AOSSG).

  • Summary of the April 2013 DPOC meeting

  • Apr 23, 2013

  • The IASB has posted a summary of the 10 April 2013 Due Process Oversight Committee (DPOC) meeting that was held in London during the Trustees’ meeting.

  • Inaugural ASAF meeting notes

  • Apr 11, 2013

  • Deloitte observer notes are now available for the inaugural Accounting Standards Advisory Forum meeting held in London on 8-9 April 2013. The meeting included discussions on the IASB's conceptual framework project and summaries on the IASB and FASB Impairment projects.

  • Agenda for the inaugural ASAF meeting

  • Mar 25, 2013

  • The Accounting Standards Advisory Forum (ASAF) will hold its inaugural meeting on 8-9 April 2013 in London. The meeting will focus on conceptual framework and impairment. The tentative agenda (updated as of 21 March) for this meeting is now available.

  • ASAF membership announced

  • Mar 19, 2013

  • The IFRS Foundation has announced the membership of the newly founded Accounting Standards Advisory Forum (ASAF) that is designed to formalise and streamline the relationships between the IFRS Foundation and IASB with the global 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.

  • IASB chairman encourages Indonesia to fully adopt IFRSs

  • Mar 18, 2013

  • Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), recently spoke at an international seminar on “IFRS Dynamics 2013 and Beyond: Impact to Indonesia” organised by the Indonesian Institute of Accountants (Ikatan Akuntan Indonesia, IAI). He encouraged Indonesia that currently follows a gradual convergence process to fully embrace IFRSs.

  • AOSSG nominates for ASAF

  • Mar 04, 2013

  • The Asian-Oceanian Standard-Setters Group (AOSSG) has formally nominated for a position on the Accounting Standards Advisory Forum (ASAF), putting forward the possibility of being represented by the AOSSG Vice Chair, Clement Chan, who is also Chair of the Financial Reporting Standards Committee of the Hong Kong Institute of Certified Public Accountants (HKICPA).

  • Notes from day 1 of the February 2013 IFRS Advisory Council meeting

  • Feb 26, 2013

  • The IFRS Advisory Council is currently meeting in London. We have posted the Deloitte observer notes from the first day of the meeting. The discussions included the impact of the newly created Accounting Standards Advisory Forum (ASAF) on the IFRS Advisory Council and the question of the membership criteria for the ASAF.

  • AASB February 2013 meeting outcomes

  • Feb 25, 2013

  • The Australian Accounting Standards Board (AASB) held its regular meeting on 20-21 February 2013. Highlights from the meeting include discussions around the possible elimination of the 'reporting entity' differential reporting concept, an expected exposure draft on how AASB 10 (equivalent to IFRS 10) should be applied in the not-for-profit sector, and the AASB expecting to nominate for a position on the IASB's Accounting Standard Advisory Forum (ASAF).

  • IFRS Advisory Council meeting agenda

  • Feb 20, 2013

  • The agenda has been released for the upcoming meeting of the IFRS Advisory Council, which is being held in London on 25-26 February 2013. The meeting will include discussion of the impact of the newly created Accounting Standards Advisory Forum (ASAF) on the IFRS Advisory Council.

  • Feedback statement on the consultation regarding the creation of the ASAF and call for nominations

  • Feb 01, 2013

  • The IFRS Foundation has today published a feedback statement analysing comments received in response to its public consultation paper regarding the creation of the Accounting Standards Advisory Forum (ASAF). The feedback received has also been considered in the membership criteria in the call for nominations also issued today, the proposed terms of reference and the proposed Memorandum of Understanding to be signed by the ASAF members.

  • ESMA comment letter on the proposed ASAF

  • Jan 30, 2013

  • The European Securities and Markets Authority (ESMA) has submitted a letter of comment to the IFRS Foundation on its Invitation to Comment 'Proposal to Establish an Accounting Standards Advisory Forum'. ESMA believes that the focus of the proposed ASAF should not be detailed standard-setting discussions but endorsement and enforcement.

  • Leading European national standard-setters submit joint comment letter on the proposed ASAF

  • Jan 09, 2013

  • The IFRS Foundation has posted to its website a joint letter received late last year from the national standard-setters of Germany (DRSC e.V), France (Autorité des normes comptables), the United Kingdom (Financial Reporting Council) and Italy (Organismo Italiano di Contabilitá) commenting on the proposed creation of an Accounting Standards Advisory Forum (ASAF). The standard-setters believe that the current suggested size and composition of the ASAF will require continued bilateral relationships between the IASB and national standard-setters.

  • FAF warns against written commitment to a single set of global accounting standards

  • Dec 31, 2012

  • The US Financial Accounting Foundation (FAF) has submitted a letter of comment to the IFRS Foundation on its Invitation to Comment 'Proposal to Establish an Accounting Standards Advisory Forum'. In the comment letter, the FAF warns that written commitment to a single set of global accounting standards will exclude many jurisdictions and with them some major players from the proposed new advisory body.