14 May. 2015
22 Apr. 2015
The IASB held its eight Accounting Standards Advisory Forum (ASAF) meeting on 26-27 March 2015 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 (ASBJ); and seven other members of the IASB's ASAF participated at the meeting.
The ASAF discussed:
- the ASBJ's views on the different measurement bases proposed for the Conceptual Framework and the information that those measurement bases provide;
- the ASBJ's views on the use of OCI for the presentation of unearned profits in relation to contractual service margins, and the transition relief on initial application of the new Insurance Contracts standard after the implementation of IFRS 9 Financial Instruments;
- the IASB’s recommendations arising from the Post-implementation Review of IFRS 3 Business Combinations;
- the role of the primary financial statements and the IASB's materiality practice statement under the Disclosure Initiative project;
- the historical and current accounting practice in Canada for business combinations under common control (BCUCC), the IASB's findings from its BCUCC outreach and IASB staff's proposed accounting for specific types of BCUCC transactions;
- the scope, and examples and consequences of the IASB's Financial Instruments with Characteristics of Equity project;
- the developments of the joint IASB/FASB Revenue Transition Resource Group, including ASAF members' views on the deferral of IFRS 15 Revenue from Contracts with Customers;
- the IASB's proposed approach in addressing the issues identified with the equity method of accounting; and
- the next steps of the Leases project.
A detailed summary of this ASAF meeting will be published shortly on the IASB website.
19 Mar. 2015
AOSSG Strategic Plan 2015 - 2019
The AOSSG has published its strategic plan for 2015-2019. This papers describes the key AOSSG activities as well as other activities that will be considered in the following years.
AOSSG Office Bearer News
The AOSSG congratulates Mr Djohan Pinnarwan for his appointment as incoming Chair of the Indonesian Financial Accounting Standards Board (Dewan Standar Akuntansi Keuangan – DSAK IAI). AOSSG members look forward to working with Mr Pinnarwan in his new role with the aim of continuing to promote improved financial reporting within Asia-Oceania.
At the same time, AOSSG members express their utmost gratitude to Ms Rosita Uli Sinaga, the outgoing Chair of DSAK IAI, for her contributions to the AOSSG over her term at the DSAK IAI. AOSSG members have had great pleasure in working with Ms Sinaga and are very grateful for her support of AOSSG activities.
11 Mar. 2015
The AOSSG has published its findings on a study of the financial statements of 132 Islamic financial institutions (IFIs) from 31 jurisdictions.
Of the sampled IFIs, 46% stated compliance with International Financial Reporting Standards (IFRS), 18% with financial accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and most of the remaining samples complied with a local reporting framework.
Regardless of the standards complied with, the study noted differing treatments in three main areas: ijarah, customer investment accounts and recognition and measurement of finance income.
The study also found that in some cases a market regulator or central bank may over-ride a requirement determined by an accounting standard-setter.
The study concluded that AOSSG may need to engage with regulators and central banks to promote the use of IFRS by IFIs.
16 Feb. 2015
The Korea Accounting Review International Symposium (KARIS), co-hosted by the Korean Accounting Association (KAA) and the Korea Accounting Standards Board (KASB), will be held in Seoul on 31 March 2015. At this symposium, participants will have an opportunity to discuss the effects of IFRS adoption, accounting information and firm value.
Speakers include Hans Hoogervorst, chairman of the IASB, James Ohlson, professor at New York University and world renowned scholar in valuation, and other prominent presenters from Japan and Taiwan.
- Time and Date: 2pm - 6pm, Tuesday 31 March, 2015
- Venue: Conference Room, 2/F, Financial Supervisory Service
(38 Yeoui-daero, Youngdeungpo-gu, Seoul, 150-743)
- Organizer: Korean Accounting Association (KAA) & Korea Accounting Standards Board (KASB)
- Sponsor: Financial Supervisory Service (FSS) & The Korea Economic Daily
More details on the symposium are available here.
If you have queries about the symposium, please contact:
Hyejung Lee (