In November 2012, the IFRS Foundation published proposals to create a new advisory group to the International Accounting Standards Board (IASB), which should consist of national accounting standard-setters and regional bodies with an interest in financial reporting. The creation of such a group was one of the main recommendations of the February 2012 Strategy Review 2011 by the Trustees of the IFRS Foundation (Trustees).
In February 2013, the IFRS Foundation issued a Call for Candidates, inviting nominations for membership of the Accounting Standards Advisory Forum (ASAF). The Call for Candidates set out the membership criteria and other factors that the IFRS Foundation would take into account in selecting the members of the forum, together with a proposed Terms of Reference and a Memorandum of Understanding. The IFRS Foundation also published a Feedback Statement analysing the comments received in response to its public consultation paper Invitation to Comment: Proposal to Establish an Accounting Standards Advisory Forum. The responses to that consultation revealed a high level of support for establishing the ASAF as a means of securing a more streamlined and effective dialogue between the IASB and the global accounting standard-setting community.
In March 2013, the Trustees announced the inaugural membership of the ASAF. The Trustees agreed to review the ASAF and its membership two years after its establishment.
In May 2015, the Trustees completed the first review of the ASAF and published a Feedback Statement and a second Call for Nominations. In June 2015, the Trustees announced the revised membership of the ASAF.
In 2018, the Trustees carried out a further review of the ASAF and published a Feedback Statement on the 2018 review and a Call for Candidates in June 2018. In October 2018 the Trustees announced the revised membership of ASAF for 2018-2021.
In May 2021, the UK’s membership of the ASAF was updated to reflect the UK authorities’ transition of responsibilities from the Financial Reporting Council to the UK Endorsement Board, following the UK’s departure from the EU.
In October 2021, the Trustees extended the term of the membership of the ASAF for 2018-2021 to include the December 2021 ASAF meeting.
In February 2022, the Trustees announced the revised membership of ASAF for 2022-2024.
In October 2024, the Trustees of the IFRS Foundation announced the new composition of ASAF for 1 January 2025–31 December 2027.
Membership of the ASAF, which is renewable, is subject to review every three years.
