Asian-Oceanian Standard-Setters Group (AOSSG)

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Asian-Oceanian Standard-Setters Group (AOSSG)

13 Nov. 2015

AOSSG member jurisdictions and a number of IASB members and IASB staff will participate in the AOSSG’s annual meeting in Seoul.

20 Oct. 2015

The AOSSG has submitted its comment letter on the IASB ED/2015/7 Effective Date of Amendments to IFRS 10 and IAS 28.

12 Oct. 2015

IASB Accounting Standards Advisory Forum - October 2015

On 1-2 October 2015, the AOSSG Chair, Mr Clement Chan; AOSSG member standard-setters: Ms Kris Peach, Chair of the Australian Accounting Standards Board (AASB) and Member of the New Zealand Accounting Standards Board (NZASB); Mr Jianqiao Lu, 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 ASAF members met with IASB representatives in London.

The ASAF discussed:

  • the feedback received from the IASB's World Standard Setter conference in relation to the 2015 Agenda Consultation and the proposed revisions to the IASB's conceptual framework;
  • the implications of the proposed revisions to the IASB's conceptual framework for the IASB's project on Rate-regulated Activities;
  • members' initial views on the IASB's proposed clarifications to IFRS 15 Revenue from Contracts with Customers;
  • members' input on the IASB's project on Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value;
  • members' views on the IASB staff's proposed accounting methods for pollutant pricing mechanisms; and
  • members' views on the IASB staff's proposed changes to the equity method of accounting.

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

6 Oct. 2015

International Forum of Accounting Standard Setters - September 2015

The International Forum of Accounting Standard Setters took place on 28-29 September 2015 in London. 69 delegates comprising national and regional standard-setters, including AOSSG member standard-setters from Australia, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan and Singapore, and other interested parties attended the meeting.

The meeting discussed, among other things, the national standard-setters' projects such as goodwill and impairment, the statement of cash flows, reporting income and expenses in profit or loss or OCI, as well as topical issues on core inventories and the accounting for non-traditional financing arrangements.

Mr Clement Chan, AOSSG Chair, provided an update on the AOSSG’s activities for the last five months, including an update on the AOSSG's building regional capacity initiative.

5 Oct. 2015

World Standard Setters conference - September 2015

AOSSG members attended the IASB's World Standard Setters conference that took place on 28-29 September 2015 in London. The conference discussed the IFRS Trustees' request for views on the Foundation's structure and effectiveness, and aspects of the IASB's proposed revisions to its conceptual framework. The conference also held parallel education sessions on IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers, and the forthcoming standards on insurance contracts and leases.