IAAP was founded in 1997 by the Singapore government to develop and enhance education and universities in Singapore. The panel is comprised of 12 world-class members in the field of education, science, politics, economics, and culture. 

The committee meets once every two years for 2 to 3 days in Singapore, and this year marks its 10th meeting. During the meeting, the members discuss and hold lectures on the development plans and policies for universities in Singapore to pursue world-class education and research, strategies for globalization of universities, and aid in knowledge based economy. 

The members are appointed by the Minister of the Department of Education, while the Deputy Prime Minister and Minister of Finance serve as the Chairmen. 

One of the personnel from the IAAP said, "President Kang was highly praised for his experience in the past 40 years as a scientist and educator. Also his knowledge, reputation, and field experience from serving at KAIST led to the appointment to one of the members."

The 2014 Times Hire Education World University Rankings put National University of Education, which was founded in 1905, in 26th place. Nanyang Technological University, which was founded in 1991, came in 76th place. In contrast to KAIST (56th) and Seoul National University (44th), universities in Singapore have shown rapid progress thanks to huge interest and investment from the Singapore government.

Serving on the IAAP is an honorary post, but members are given $10,000 per year, and compensated for any costs of attending the meetings. There are extra lecture fees for members  giving lectures. The Singapore government regards the IAAP very highly and values the opinions of the members, incorporating many of those opinions into its education policies.