IASB plans new advisory body
IASB plans to create a new 12-member advisory group of national standards setters and regional bodies.
IASB plans to create a new 12-member advisory group of national standards setters and regional bodies.
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.
The numbers you crunch tell a story. Your expertis...
13yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleIFRS 16 is fully effective for accounting periods beginning on or after 1 January 2019 and brings about significant changes for lessee accounting - by...
View articleProfessor Richard Murphy argues that IFRS accounting is inappropriate in the era when we are tackling the climate crisis and must be replaced Read Mor...
View articleThe incoming IFRS 17 insurance accounting standard is an “opportunity” for accountants to highlight their value to their companies, according to Moody...
View articleMoody’s Analytics has added new accounting and reinsurance capabilities to their RiskIntegrity IFRS 17 solution. These new features are intended to he...
View articleJohn Kuett, vice president of European Lease Accounting at Lease Accelerator provides an essential update on IFRS 16 Read More...
View articleTrimble Real Estate & Workplace Solutions report on what has been learned so far on the road to FASB/IASB lease accounting compliance Read More...
View articleCraig Gillespie, business area director, Trimble Real Estate & Workplace Solutions, helps you navigate the latest changes Read More...
View articleCraig Gillespie, Business Area Director for Real Estate at Trimble details the implications of the new rules Read More...
View article