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FRC makes way as IASB refreshes advisory forum members

THE IASB has shaken up the membership of its advisory group of national standard setters with UK reporting watchdog the FRC among those making way for new entrants.

The trustees of the IFRS Foundation, the oversight body of the IASB, announced the membership of the Accounting Standards Advisory Forum (ASAF) for the next three years.

Established in 2013, the ASAF serves as the technical advisory body to the IASB and was created to foster a morec collective approach to standard-setting in favour of the unique bilateral arrangements previously enjoyed by the likes of US standard setter FASB. 

FASB was chosen to participate on the forum as an inaugural member, despite the US having failed to adopt IFRS during a ten year convergence project between the two accounting boards. FASB has retained its position on the body.

Michel Prada, chairman of the IFRS Foundation (pictured), said: “We appreciate the support of all those who have helped make the ASAF a success. It has proven a valuable platform for effective technical discussion between the IASB and members of the global accounting standard-setting community, who are represented either directly or through their membership of regional bodies.

“Going forward, we hope the ASAF continues to evolve and that discussions include both matters on the IASB’s agenda and jurisdictional topics.”

The composition of ASAF members with immediate effect is Africa – Financial Reporting Council of South Africa; Asia-Oceania (including one at large) – Asian-Oceanian Standard-Setters Group (AOSSG); Accounting Standards Board of Japan; Australian Accounting Standards Board working with the New Zealand Accounting Standards Board and the China Accounting Standards Committee.

Europe (including one at large) will be made up of the European Financial Reporting Group (EFRAG); Accounting Standards Committee of Germany; Autorité des normes comptables; Organismo Italiano di Contabilità and in the Americas – Group of Latin American Standard Setters (GLASS); Canadian Accounting Standards Board; Financial Accounting Standards Board.

The ASAF meets four times a year with all meetings held in public and are available through live webcasts. Its next meeting is scheduled to take place 16-17 July 2015.

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