The IFRS Foundation, which oversees the International Accounting Standards Board, invited nominations for membership in its Accounting Standards Advisory Forum on Friday as it moves toward a more multilateral way of setting accounting standards with involvement from more parts of the world than the U.S. and Europe.
Amid continuing uncertainty over whether the U.S. Securities and Exchange Commission will ever ratify use of International Financial Reporting Standards by U.S. companies and a prolonged convergence process that has taken more than a decade to harmonize IFRS with U.S. GAAP, the IASB and the IFRS Foundation have proposed the new forum as a way to satisfy demands by other countries to play a greater role in developing IFRS. The U.S. Financial Accounting Standards Board is likely to have a representative on the new forum so it can continue to play a role in developing standards after the bilateral convergence process comes to an end (see IASB Plans to Give FASB Leeway to Join New Accounting Standards Forum).
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