Relevant IFRS Standards & Projects of the WG

AOSSG’s Accounting Standards Advisory Forum Working Party

Lead

Korea

Working Party members

Australia, China, Hong Kong, India, Indonesia, Iraq, Japan, Malaysia, Nepal, New Zealand, Pakistan, Singapore

The Accounting Standards Advisory Forum Description

The IFRS Foundation established the IASB Accounting Standards Advisory Forum (ASAF) to provide an advisory forum where ASAF members can constructively contribute towards the achievement of the IASB’s goal of developing globally accepted high-quality accounting standards. More particularly, the IASB’s ASAF is established to:

- support the IFRS Foundation in its objectives, and contribute towards the development, in the public interest, of a single set of high quality understandable, enforceable and globally accepted financial reporting standards to serve investors and other market participants in making informed resource allocations and other economic decisions;

- formalise and streamline the IASB’s collective engagement with the global community of national standard-setters and regional bodies in its standard setting process to ensure that a broad range of national and regional input on major technical issues related to the IASB’s standard setting activities are discussed and considered; and

- facilitate effective technical discussions on standard-setting issues, primarily on the IASB’s work plan, but which may include other issues that have major implications for the IASB’s work, in sufficient depth, with representatives at a high level of professional capability and with a good knowledge of their jurisdictions/regions.

The IASB’s ASAF generally meets four times a year for two days, normally in London.

Source: https://www.ifrs.org/groups/accounting-standards-advisory-forum/

Working Party Description

The AOSSG’s ASAF Working Party was specifically formed to brief the individual representing the AOSSG on the IASB’s ASAF. Currently, the individual representing the AOSSG on the IASB’s ASAF is the AOSSG Chair, Eui-Hyung Kim, Chair of the Korea Accounting Standards Board.

The AOSSG’s ASAF Working Party leader is typically the individual representing the AOSSG on the IASB’s ASAF. The individual representing the AOSSG on the IASB’s ASAF coordinates and provides the collective views of AOSSG members when advising the IASB on its requests.

The AOSSG’s ASAF Working Party members have strong linkages to the existing technical Working Groups and includes at least existing technical Working Group leaders and the Chair’s Advisory Committee members. Working Party members are expected to respond to requests for views from the ASAF WP leader by commenting on the relevant ASAF agenda papers or by specifically identifying that they have no comment.