ASAF membership announced

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19 Mar 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.

The ASAF is comprised of 12 members and a non-voting chair. The following members have been appointed today (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)

The first meeting of the ASAF will be held on 8 and 9 April 2013 in London.

The IASB points out that the ASAF will replace multiple Memoranda of Understanding (MoU) it has previously entered into with national accounting standard-setters in Brazil, China, Japan and the United States. These will be replaced by the single agreement to be signed by all ASAF members, and accommodating regional standard-setting bodies (AOSSG, EFRAG, GLASS and PAFA) within that arrangement. Nevertheless, the IFRS Foundation will continue to facilitate through various mechanisms a dialogue with the broader international accounting standard-setting community.

Please click for IFRS Foundation press release (link to IASB website) and more information about the ASAF on IAS Plus.


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