New advisory forum launched to advise IASB

19 Aug 2013

“We agree that it’s important for the IASB to receive high quality input from national standard setters and regional bodies on major technical matters related to its work programme and on national and regional issues.” John Hitchins, PwC global chief accountant

A new group has been set up to advise the International Accounting Standards Board (IASB). The members of the group, the Accounting Standards Advisory Forum (ASAF), were chosen by the trustees of the International Financial Reporting Standards Foundation and will act as a single-forum technical advisory body.

The ASAF is made up of national standards setters and regional groupings of accounting bodies from around the world. Previously, the IASB had a series of bilateral Memoranda of Understanding with such bodies. But maintaining the network as it grew became increasingly complex. The ASAF replaces these bilateral arrangements.

Of 25 nominations for membership, 12 were chosen by the IFRS Foundation Trustees who took geographical balance into account. There is a mix of territories that have already adopted IFRS and some that are in the course of adopting or that aspire to do so.

The initial membership is:

  • Africa (1) – the South African standard setter with the Pan-African Federation of Accountants
  • Americas (3) – the Group of Latin American Standard Setters (represented by Brazil), Canada and the US
  • Asia-Pacific (4) – Australia, China, Japan, and the Asia Oceania Standards Setters Group (represented by the Hong Kong Institute of Certified Public Accountants)
  • Europe (4) – Germany, Spain, UK and the European Financial Reporting Advisory Group (EFR AG).

The ASAF does not replace the existing IFRS Advisory Council, which comprises a wider range of stakeholders and which will continue to offer strategic-level advice to both the IASB and the Trustees.

“The signs from the first meeting are positive,” said John Hitchins, PwC global chief accountant. “However, the ASAF should be viewed as a complement to the many other opportunities for engagement with national and regional bodies, including those not directly represented in the Forum.”