The International Accounting Standards Board (IASB) has confirmed that it is looking to finalise the members of the new global accounting advisory group, the Accounting Standards Advisory Forum (ASAF) by late March and is likely to include a US representative on the new panel.

The new ASAF members are scheduled to meet for the first time in April.

First announced in November 2012, ASAF is a new advisory group to the IASB, consisting of national accounting standard-setters and regional bodies with an interest in financial reporting. The creation of the advisory group is a result of one of the main recommendations of the Trustees' strategy review, published in February 2012.

An IASB spokesperson said that the IASB board met earlier this week to discuss ongoing accounting standards reviews and the make-up of the new panel. At the board meeting, IASB chairman Hans Hoogervoorst confirmed that 'they were keen to get the US involved'.

This follows feedback to the initial consultation which led to a change in the admissions criteria for ASAF, which some respondents felt could have precluded the US, amongst other countries.

'We would like the US to be involved, but we haven't changed the criteria for membership. We had feedback from a number of members on the criteria for membership; some had interpreted the criteria as being prohibitive for US participation,' added the IASB spokesperson.

'We haven't set a date for announcing the final structure of ASAF but the first meeting is likely to be held in April.

The closing date for nominations to ASAF is 28 February 2013.

For full details about ASAF and to nominate potential members, click HERE