IFRS Foundation Trustees seek ASAF members, publish feedback statement following their 2018 review of ASAF
11 Jun 2018
The IFRS Foundation is calling for applications from national standard-setters and regional bodies to become members of the Accounting Standards Advisory Forum (ASAF). It has also published a feedback statement following its 2018 review of ASAF.
ASAF was set up in 2013 to formalise and streamline 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 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:
- Africa: 1 member
- Americas (North and South): 3 members
- Asia/Oceania: 3 members
- Europe (including non-EU): 3 members
- World at large*: 2 members
* subject to maintaining overall geographical balance.
The closing date for applications is 31 July 2018. The new membership of ASAF will be in place from November 2018 to 2021 (i.e. current IASB members will continue through the October meeting).
The IFRS Foundation has also published a feedback statement following its 2018 review of ASAF and has updated the ASAF terms of reference.
The following points were adressed in the review:
- Effectiveness of the engagement between ASAF and the Board. The feedback highlighted that respondents acknowledged the improvements made to the ‘feedback loop’ between the Board and ASAF since the 2015 Review.
- Reduction of the number of meetings. Some respondents suggested to reduce the number of meetings a year from four to three if a full two-day agenda cannot be guaranteed. The Trustees decided to maintain the schedule of four meetings a year but have amended the terms of reference to permit one ASAF meeting a year to be held via videoconference.
- Incorporating consultation with ASAF as a mandatory due process step in the Due Process Handbook and ASAF itself into the IFRS Foundation Constitution. The Trustees have concluded not to incorporate consultation with ASAF as a mandatory due process step and also found no compelling reason to amend the constitution.
- ASAF reviews. The Trustees have come to the conclusion that formal three-yearly reviews of ASAF are no longer necessary and will amend the ASAF terms of reference accordingly. If at any point in the future the Trustees consider there is a need for a more formal review, they will initiate such a review.
Please click for the following information on the IASB website:
