Asian-Oceanian Standard-Setters Group (AOSSG)

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Asian-Oceanian Standard-Setters Group (AOSSG)

23 Dec. 2014

The IASB held its seventh Accounting Standards Advisory Forum (ASAF) meeting on 4-5 December 2014 in London. The AOSSG Chair, Mr Clement Chan; AOSSG member standard-setters: Ms Kris Peach, Chair of the Australian Accounting Standards Board; Mr Guangzhong Liu and Mr Jianqiao Lu, respectively the Director-General and Director of the Accounting Regulatory Department, Ministry of Finance China; and Mr Yukio Ono, Chairman of the Accounting Standards Board of Japan; and seven other members of the IASB's ASAF participated at the meeting.

The ASAF discussed:

  • accounting issues associated with the equity method for the IASB's consideration when pursuing its research project on the topic;
  • ASAF members' preliminary views on the IASB's Discussion Paper in relation to Rate-Regulated Activities;
  • ASAF members’ views on the presentation of cash paid on capital expenditure, the presentation of interest in the cash flow statement, and line item disclosures;
  • accounting issues associated with emission trading schemes (ETS) in ASAF members' jurisdictions or regions for the IASB's consideration when pursuing its ETS research project;
  • the scope and approach of the IASB's post-employment benefit research project, particularly on 'contribution-based promises';
  • a proposal by the Group of Latin American Standard Setters on the recognition of high inflation effects on financial statements;
  • the IASB’s recent tentative decisions on the Leases and the Insurance Contracts projects;
  • how national standard-setters could contribute to the debate of foreign currency translation. IASB staff acknowledged plans to use the Korea Accounting Standards Board's research papers on the topic when they undertake the research project;
  • the next steps for the IASB's Dynamic Risk Management project; and
  • the current IASB work plan and the focus of the 2015 IASB agenda consultation.

A detailed summary of this ASAF meeting will be published shortly on the IASB website.


22 Dec. 2014

The AOSSG has submitted its comment letter on the IASB ED/2014/3 Recognition of Deferred Tax Assets for Unrealised Losses.


22 Dec. 2014

The AOSSG has submitted its comment letter on the IASB DP/2014/1 Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging.


19 Dec. 2014

The sixth Annual AOSSG Meeting was held on 26-27 November 2014 in Hong Kong, hosted by the Hong Kong Institute of Certified Public Accountants as the member organisation chairing the AOSSG.

Key delegates from 18 member jurisdictions from Australia, Brunei, Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Macao, Malaysia, Nepal, New Zealand, Pakistan, Singapore, Sri Lanka, Syria and Vietnam, as well as the IASB and the IFRS Foundation were present at the meeting.

The communiqué for the November 2014 Annual AOSSG Meeting is available here.


15 Dec. 2014

The AOSSG's IFRS Centre of Excellence (COE) for a Developing Country Working Party has accomplished its targeted activities after two years for establishing a pilot IFRS COE initiative in Nepal.

Those activities involve a review of the standard-setting processes and capacity of the Accounting Standards Board, Nepal and a series of Train-the-Trainer (TTT) programs in Kathmandu.

More details on the outcomes of the review and TTT programs are available here.