NEWS RELEASE 03/19/13
FASB to Join IFRS Foundation´s Accounting Standards Advisory
ForumNorwalk, CT, March 19, 2013—The Financial Accounting
Standards Board (FASB) will join the Accounting Standards Advisory Forum (ASAF),
the new advisory group for the International Accounting Standards Board (IASB),
the Financial Accounting Foundation (FAF) announced today.
The ASAF was
established earlier this year by the International Financial Reporting Standards
Foundation to improve cooperation among worldwide standard setters and advise
the IASB as it develops International Financial Reporting Standards
"The FASB´s membership on the Accounting Standards Advisory Forum
is an opportunity to represent U.S. interests in the IASB´s standard-setting
process and to continue the process of improving and converging U.S. Generally
Accepted Accounting Principles and IFRS," said Jeffrey J. Diermeier, chairman of
the FAF Board of Trustees.
"The convergence effort, which began with the
Norwalk Agreement of 2002, has been a major success and has delivered
significant benefits to investors and other users of financial statements around
the world," Diermeier added.
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
IFRS Foundation, which oversees the IASB, announced today in London that it has
selected the FASB to join the ASAF.
"The FAF Trustees believe that the
commitments made by both the IFRS Foundation and the FAF in connection with
FASB´s membership on the ASAF are consistent with the Trustees´ view of the
long-term process of converging accounting standards," Diermeier
The IFRS Foundation will ask ASAF members to support and
contribute to the Foundation in its mission to develop, in the public interest,
"a single set of high quality, understandable, enforceable globally accepted
financial reporting standards."
The IFRS Foundation in turn will pledge
to respect the independence of the ASAF members, recognizing that ASAF members
"operate under their own specific national mandates." The Foundation will
further commit to avoid undermining or compromising the legal rights and
obligations of the ASAF members within their jurisdictions.
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." She added, "We also look forward to working with other standard
setters to augment and improve the Conceptual Framework, which will lay the
groundwork for consistent, high-quality standards."
Financial Accounting Foundation
The FAF is responsible for the
oversight, administration, and finances of both the Financial Accounting
Standards Board and its counterpart for state and local governments, the
Governmental Accounting Standards Board. The FAF also is responsible for
selecting the members of both Boards and their respective Advisory Councils. For
more information about the FAF, visit http://www.accountingfoundation.org/.
the Financial Accounting Standards Board
Since 1973, the
Financial Accounting Standards Board has been the designated organization in the
private sector for establishing standards of financial accounting and reporting.
Those standards govern the preparation of financial reports and are officially
recognized as authoritative by the Securities and Exchange Commission and the
American Institute of Certified Public Accountants. Such standards are essential
to the efficient functioning of the economy because investors, creditors,
auditors, and others rely on credible, transparent, and comparable financial
information. For more information about the FASB, visit our website at http://www.fasb.org/.