The Accounting Standards Advisory Forum (ASAF), the new group that will advise the International Accounting Standards Board (IASB) on the development of global financial reporting standards, met in London for its inaugural meeting. The main technical subjects discussed were the IASB’s Conceptual Framework and the impairment projects.

The IASB and members of the ASAF also signed a joint memorandum of understanding, which sets forth the purpose of the ASAF, its operating activities, and its role in providing advice to the IASB. The ASAF is also seen as a way for IASB to expand its arrangement with the U.S. Financial Accounting Standards Board to include input from other countries that have made more headway with International Financial Reporting Standards (IFRS). Last month, it was announced that FASB would be among the inaugural members of the ASAF.

The decade-long convergence efforts between the FASB and IASB have yet to bring about an agreement between IFRS and U.S. GAAP. The IASB and FASB continue to have some disagreements over the impairment rules for bank loans and credit losses.

IASB chairman Hans Hoogervorst said in a statement, “This was a very productive first meeting, with all parties working together in a highly collaborative manner.”

To see a recording of the webcast of the meeting and corresponding documents, go to the ASAF meetings page.