The Financial Accounting Standards Foundation (FASF), an sponsoring organization for accounting standard-setting, established Standards Advisory Council (SAC) in May 2007.
The SAC meets first time on July 9, 2007. The SAC will issue recommendations to Accounting Standards Board of Japan (ASBJ) on adding topics to the ASBJ's agenda and their international and other various activities. The activities of the former "Agenda Committee" was limited to recommendation for agenda issues.
The SAC members selected as chairman Mr. Yoshiki Yagi, chair of audit committee, Hitachi Corporation.