IASB plans new advisory body

by Richard Crump

More from this author

02 Nov 2012

  • Comments
Hans Hoogervorst IASB chairman

THE IASB plans to create a new 12-member advisory group of national standards setters and regional bodies.

The advisory group, to be known as the Accounting Standards Advisory Forum (ASAF), is intended to provide the IASB with technical advice and will formalise its relationship with the standard-setting community.

The IASB currently works through a series of bilateral agreements or other more informal arrangements, which are now insufficient with so many countries using IFRS.

"The answer is to establish a multilateral forum where representatives of the standard-setting community can come together with the IASB, to discuss our work as well as other topics related to establishing IFRSs as global accounting standards," said Hans Hoogervorst, chairman of the IASB.

Under the proposals laid out by the IASB, the board will be made up by three representatives each from Europe, the Americas and Asia-Oceania, with Africa and the rest of the world getting an additional one seat each.

All participants in the ASAF would be expected to sign a memorandum of understanding making a commitment to a global single set of accounting standards, the IASB said.

The board would meet four times a year with the IASB in London and each meeting would be for 1.5 days.

Crucially, the ASAF would be chaired by the IASB.

A public consultation document is open for comment until 17 December 2012.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.