Despite a membership shake-up, the AASB has retained its place in the Accounting Standards Advisory Forum (ASAF).
The ASAF comprises 12 expert members, each representing national standard setters or regional bodies, with geographic restrictions on membership.The objective of the ASAF is to provide an advisory forum where members can constructively contribute towards the achievement of the IASB’s goal of developing globally accepted high-quality accounting standards.
In order to ensure a broad geographical representation and balance of the major economic regions in the world, the twelve members are from four geographical regions, Africa, Asia-Oceania, Europe and the Americas.
The AASB is one of just four Asia-Oceania representatives. While the Asia-Oceania members of the AASB, Asian-Oceanian Standard Setters Group (AOSSG) and national standard setters of China and Japan have not changed, the European members have changed significantly. Membership in ASAF is reviewed by IASB trustees every three years.
The AASB will be working with the New Zealand Accounting Standards Board (NZASB).
AASB chair Kris Peach said the board is proud to have been chosen to remain a part of the ASAF.
“The AASB is absolutely delighted with the continued international acknowledgement by our peers. The assistance of the NZASB was critical in securing reappointment, given the IASB's preference for members to represent more than just national views," Ms Peach said.
“The AASB welcomes the opportunity to constructively work with the IASB to promote and improve international accounting standards. This appointment reflects our commitment to excellence, our staff dedication and the input of the accounting and finance community in Australia.”