13 Feb. 2017
The Asian-Oceanian Standard-Setters Group (AOSSG) today published an update to its work performed in 2014 on financial reporting practices of 132 Islamic financial institutions (IFIs) in 31 jurisdictions around the world.
The update noted an increase by 2% (2016: 48%; 2014: 46%) in the number of samples that asserted compliance with IFRS. There were no changes to the remaining samples that asserted compliance with financial accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and local reporting framework. In addition, there were no significant changes in the financial reporting practices of ijarah, customer investment accounts and recognition and measurement of finance income.
2 Feb. 2017
The eighth Annual AOSSG Meeting was held on 29-30 November 2016 in Wellington, New Zealand, hosted by the External Reporting Board (XRB) of New Zealand.
Key delegates from 16 member jurisdictions from Australia, Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Macao, Malaysia, Nepal, New Zealand, Philippines, Singapore, Sri Lanka, Thailand and Vietnam, as well as the IASB and the IFRS Foundation were present at the meeting.
The communiqué for the November 2016 Annual AOSSG Meeting is available here.
18 Nov. 2016
AOSSG member jurisdictions and a number of IASB members will participate in the AOSSG's annual meeting in Wellington, New Zealand.
4 Nov. 2016
4 Oct. 2016
Former AOSSG Chair appointed as Chair of Islamic Finance Consultative Group
The International Accounting Standards Board (IASB) recently appointed Mr. Mohammad Faiz Azmi, former Chair of the Asian-Oceanian Standard-Setters Group (AOSSG) and Malaysian Accounting Standards Board, as Chair of the Islamic Finance Consultative Group. He is the Executive Chairman of PwC Malaysia and has been a member of the Islamic Finance Consultative Group since it was established.
The Islamic Finance Consultative Group is an advisory group to the IASB focussing on challenges that may arise when IFRS Standards are applied to Islamic financial instruments and transactions.
More details of this news are available on the IASB website.
5 Sep. 2016
22 Mar. 2016
8 Mar. 2016
24 Feb. 2016
5 Feb. 2016
IASB Accounting Standards Advisory Forum - December 2015
On 7-8 December 2015, the AOSSG Chair, Dr. Jee In Jang; 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:
- members' input on AASB-KASB joint research project on IFRS Implementation: Accounting Judgments on Terms of Likelihood in IFRS: Korea and Australia;
- members' initial views on Disclosure Initiative–draft Materiality Practice Statement;
- members' input on the paper prepared by the Accounting Standards Board of Japan (ASBJ)–Recognition Criteria in the Conceptual Framework;
- members' input on the IASB's research project on post-employment benefits;
- members' views on the forthcoming Exposure Draft relating to different effective dates of IFRS 9 and the new Insurance Contracts Standard;
- members' input on the paper prepared by the Hong Kong Institute of Certified Public Accountants (HKICPA) that addressed practice for accounting for business combinations under common control (BCUCC) and also members' input on the IASB staff paper on how the predecessor method should be applied for a BCUCC transaction;
- members' input on the role of Post-implementation Reviews (PIRs); and
- members' views on the proposal presented by the EFRAG for the scope of the IASB's project on the equity method of accounting.
A summary of this ASAF meeting is available on the IASB website.
29 Jan. 2016