The IFRS Foundation is considering plans to set up a powerful new advisory group to advise the International Accounting Standards Board (IASB) on global adoption of international reporting standards, consisting of national accounting standard-setters and regional bodies with an interest in financial reporting.

The move is designed to create a single, streamlined voice for the international accounting standard-setters as more countries adopt International Financial Reporting Standards (IFRS). The original bilateral approach is no longer working as effectively, according to the IFRS Foundation.

The principal purpose of the new advisory group, to be known as the Accounting Standards Advisory Forum (ASAF), is to provide technical advice and feedback to the IASB.

Given the internationalised environment, it is envisaged that much of the existing bilateral dialogue between the IASB and national standard-setters and regional bodies will be subsumed into the activities of the forum.

Hans Hoogervorst, chairman of IASB, said: 'The IASB has always worked in very close cooperation with the accounting standard-setting community, mainly through a series of bilateral agreements or other more informal arrangements.

'It is clear that such bilateral arrangements are no longer sufficient with so many countries now using IFRS.

'The answer is to establish a multilateral forum where representatives of the standard-setting community can come together with the IASB, to discuss our work as well as other topics related to establishing IFRS as global accounting standards.'

Companies in more than 100 countries now require or permit the use of IFRS, including two-thirds of G20 members.

The consultation will close on 17 December 2012. Download the consultation document HERE