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In response to the recommendation set out in the Trustees’ Strategy Review 2011, the IFRS Foundation established the ASAF, a technical advisory body to the IASB consisting of national accounting standard-setters and regional bodies associated with accounting standard-setting, on which the ASBJ is represented. The ASAF has been designed to replace multiple, bilateral agreements between the IASB and individual standard-setters with a single ASAF agreement.
The first meeting of the ASAF took place in April 2013. Accordingly, the present meeting will be the last in the series of twice-yearly bilateral meetings between the IASB and the ASBJ. At the same time, the boards will continue to cooperate closely through regular communication between the respective organisations, the ASBJ providing secondees to the IASB and contributions from the ASBJ to the IASB’s research projects.
Hans Hoogervorst, Chairman of the IASB, said: "I look forward to continuing our strong relationship with the ASBJ. I have always attached great value to the inputs of our Japanese counterparts and I expect to continue to visit Japan and the ASBJ on a regular basis. We will continue to cooperate closely, including in terms of research and the exchange of staff."
Ikuo Nishikawa, Chairman of the ASBJ, stated: "As with previous meetings, we had a very fruitful discussion at this periodic meeting. This periodic bilateral meeting may come to an end, but the ASBJ will continue its contribution to the development of high quality global accounting standards, particularly through the ASAF. In addition, the ASBJ will continue to communicate closely with the IASB through various means."