By Amy Freeman
The IFRS Trustees have appointed inaugural member to its Accounting Standards Advisory Forum (ASAF).
The ASAF will advise on the technical standard-setting of the IASB. Furthermore, it will consist of various members of the global accounting standard-setting community from around the world.
In Africa, members include the South African Financial Reporting Standards Council; supported by the Pan African Federation of Accountant. In Asia Oceania, one of the many standard setters will include Asia Oceania Standard Setters Group (AOSSG), represented by the Hong Kong Institute of Certified Public Accountants (HKICPA).
In Europe, the European Financial Reporting Advisory Group and the UK Financial Reporting Council will join the forum as well as the Canadian Accounting Standards Board and the US Financial Accounting Standards Board (FASB) for the Americas region.
"The creation of the ASAF reflects two important changes in the global accounting standard setting landscape. First, the significant growth in the use of IFRSs around the world has complicated the task of maintaining bilateral Memorandum of Understanding’s with multiple jurisdictions. Secondly, many parts of the world have established regional accounting standard-setting organisations and forums to offer advice and to discuss matters related to IFRSs," IFRS Foundation trustees chairman Michel Prada said.
Prada added with the formation of the ASAF multiple bilateral MoUs will be replaced with a single forum based on an agreement signed by all members.
FASB chairman Leslie Seidman said it "looked forward" to working with other standard setters to "augment and improve the Conceptual Framework, which will lay the groundwork for consistent, high-quality standards".
The AOSSG said it is currently establishing a working party to help gather the views of the broader AOSSG membership so the region is well represented at the ASAF. The working party will be led by HKICPA while the current AOSSG vice chairman will also represent the AOSSG at the ASAF."
The first ASAF meeting will take place on April 8-9.