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Deloitte comment letter on the proposal to establish an Accounting Standards Advisory Forum

Published on: 17 Dec 2012

We support the proposal to establish an Accounting Standards Advisory Forum as being an appropriate means to utilise the technical skills and experience that exist in national and regional standard-setting bodies in the development and implementation of IFRSs. We encourage the Trustees to establish the Forum as quickly as possible. We see the Forum as assisting the IASB to accomplish two distinct but related aims: the development of high-quality financial reporting standards; and assist in facilitating the incorporation/ endorsement of such standards without modification in the financial reporting framework of individual jurisdictions.

However, whilst we recognise the desire of the IFRS Foundation to make the Forum an efficient body, we think that it is possible to achieve efficiency with a body of more than 12 members. As such, we do not support the explicit size and distribution of seats proposed in the Invitation to Comment, which we see as overly mechanistic and promoting (wittingly or unwittingly) a perception of exclusivity—something we see as undesirable.

Download the full comment letter below.

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