By Frank Byrt
The Financial Accounting Standards Board (FASB) will join the newly formed Accounting Standards Advisory Forum (ASAF), an advisory group that will help the International Accounting Standards Board (IASB) set international accounting standards, the Financial Accounting Foundation (FAF) announced March 19.
The ASAF was established earlier this year by the International Financial Reporting Standards Foundation to improve cooperation among worldwide financial reporting standard setters and to advise the IASB as it develops International Financial Reporting Standards (IFRS).
The FASB was nominated for membership on the ASAF by the FAF Board of Trustees, which oversees both the FASB and its sister standard-setting board, the Governmental Accounting
Standards Board (GASB).
"The FASB's membership on the Accounting Standards Advisory Forum is an opportunity to represent US interests in the IASB's standard-setting process and to continue the process of improving and converging US Generally Accepted Accounting Principles and IFRS", said Jeffrey J. Diermeier, chairman of the FAF Board of Trustees.
FASB Chairman Leslie F. Seidman said",The FASB looks forward to participating in the Accounting Standards Advisory Forum and working with other standard setters to contribute to the ongoing improvement and convergence of global accounting standards."
The IFRS Foundation said it will "respect the independence of the ASAF members, recognizing that ASAF members operate under their own specific national mandates."