What is the difference between the proposed Parliamentary Assembly and a world parliament?

The proposed Parliamentary Assembly initially would have largely consultative and supervisory functions vis-à-vis the UN and the organizations of the UN family. In the beginning the assembly would likely be composed of members of national and regional parliaments. A world parliament by contrast is conceived as a body that is able to pass globally binding law and whose members are directly elected. The Parliamentary Assembly may be the first small step in the direction of the long-term goal of a world parliament.