The members, which will now definitely include US representation - in the guise of the US Financial Accounting Standards Board (FASB) - are set to meet for the first time in April.
The announcement marks the speedy conclusion of an ambitious project - first mooted in November 2012 - to create the ASAF as the new advisory group to the IASB, made up of national accounting standard-setters and regional bodies with an interest in financial reporting.
The ASAF's birth also marks the successful gestation of one of the primary recommendations of the Trustees' strategy review, published in February 2012.
It will be seen by many as a clear victory for International Accounting Standards Board (IASB) chairman Hans Hoogervoorst who has long fought to secure US involvement in the project.
The creation of the ASAF effectively formalises and streamlines the relationships between the IFRS Foundation and the IASB with representatives from across the global standard-setting community. It will bring regional perspectives to the IASB's technical work and offer feedback on the most pressing issues affecting the industry.
Michel Prada, chairman of the IFRS Foundation Trustees said: 'The creation of the ASAF reflects two important changes in the global accounting standard setting landscape.
'First, the significant growth in the use of International Financial Reporting Standards (IFRS) around the world has complicated the task of maintaining bilateral MoUs [memorandum of understanding] with multiple jurisdictions.
'Second, many parts of the world have established regional accounting standard-setting organisations and forums to offer advice and to discuss matters related to IFRS.
'The ASAF is our response to these two developments. Its formation will replace multiple bilateral MoUs with a single forum based on an agreement signed by all members. Importantly, the ASAF is a complement to the IASB's ongoing dialogue with the international standard-setting community in pursuit of its central mission to develop a global language for financial reporting.'
The Trustees will review the ASAF and its membership after two years.
Among the ASAF's founder members, which will be chaired by the IASB, are Financial Reporting Council (FRC), represented by Roger Marshall, a member of the FRC board, the European Financial Reporting Advisory Group (EFRAG), the Asia Oceania Standard Setters Group (AOSSG) - represented by the Hong Kong Institute of CPAs - and the Canadian Accounting Standards Board.
The first meeting of the ASAF - which will be webcast on the IASB's website - is scheduled to take place in London on 8-9 April 2013.
For a full list of ASAF members, click HERE