Asian-Oceanian Standard-Setters Group (AOSSG)

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Asian-Oceanian Standard-Setters Group (AOSSG)

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.

6 Nov. 2014

AOSSG member standard-setters from Australia, Hong Kong, India, Indonesia, Iraq, Japan, Korea, Malaysia, New Zealand, Pakistan, Singapore and Syria met briefly with members and staff of the IASB on the afternoon of 28 September 2014 in London.

The meeting mainly discussed AOSSG members’ preliminary views on the IASB’s tentative decisions in relation to the Conceptual Framework and Insurance Contracts projects, and the IASB Discussion Paper Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging.

6 Nov. 2014

The AOSSG congratulates Ms Kris Peach for her appointment as incoming Chair of the Australian Accounting Standards Board (AASB). Ms Peach was previously involved in AOSSG activities during her term as Deputy Chair of the AASB (2011-2013). AOSSG members look forward to continuing to work with Ms Peach in her new role with the aim of continuing to promote high quality financial reporting within Asia-Oceania.

At the same time, AOSSG members express their utmost gratitude to Mr Kevin Stevenson, the outgoing AASB Chairman, for his contributions to the AOSSG particularly during his term as the AOSSG Chair (November 2011-2013). AOSSG members have had great pleasure in working with Mr Stevenson and are very grateful for his leadership and support of AASB's contribution to the AOSSG.

30 Oct. 2014

On 25-26 September 2014, the AOSSG Chair, Mr Clement Chan; AOSSG member standard-setters: Mr Angus Thomson, Acting-Chairman 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 eight other members of the IASB Accounting Standards Advisory Forum (ASAF) met with representatives of the IASB in London.

The ASAF discussed:

  • ASAF members’ views on the next steps of the Disclosure Initiative project, specifically in relation to Principles of Disclosure, Amendments to IAS 1, and Materiality;
  • ASAF members' views on participating features in insurance contracts and the practical issues relating to transition;
  • the feedback received in relation to: the respective IASB and FASB post-implementation reviews (PIR) on business combinations; a research paper prepared by EFRAG, and the Italian and Japanese national standard-setters on goodwill and amortisation; a survey conducted by the UK Financial Reporting Council on intangible assets and amortisation; and ASAF members’ views on the next steps of the IASB’s PIR;
  • ASAF members’ views on the IASB’s tentative decisions on the Conceptual Framework project, specifically in relation to the measurement chapter;
  • the IASB’s recent tentative decisions on the Leases project;
  • the scope of the IASB Equity/Liabilities research project; and
  • local issues relating to the determination of an appropriate discount rate.

A detailed summary of this ASAF meeting is available on the IASB website.