Asian-Oceanian Standard-Setters Group (AOSSG)

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Asian-Oceanian Standard-Setters Group (AOSSG)

26 Jun. 2015

Reappointment to the IASB Accounting Standards Advisory Forum

The AOSSG, along with its members: the Accounting Standards Board of Japan; the Australian Accounting Standards Board (who will work closely with the New Zealand Accounting Standards Board to provide a collective Australia and New Zealand view); and the Chinese Accounting Standards Committee have been reappointed as members of the IASB's next Accounting Standards Advisory Forum (ASAF).

The AOSSG’s reappointment on ASAF is a recognition of the hard work of our members as a group and the AOSSG’s contributions to the work of the IASB. The AOSSG's ASAF Working Party and its secretariat, and AOSSG's Working Group Leaders, will continue to support the AOSSG representative on ASAF.

Membership of the ASAF was announced by the Trustees of the IFRS Foundation

12 Jun. 2015

The AOSSG has submitted its comment letter on the IASB ED/2015/1 Classification of Liabilities (Proposed amendments to IAS 1).

9 Jun. 2015

The AOSSG has reapplied for membership of the IFRS Foundation’s Accounting Standards Advisory Forum.

2 Jun. 2015

Joint HKICPA and IFRS Foundation IFRS Conference, 12 – 13 October 2015

The Hong Kong Institute of CPAs (HKICPA) and the IFRS Foundation will jointly host an IFRS Conference on 12-13 October at the JW Marriott Hotel, Hong Kong.

The conference will focus on live implementation plans for IFRS 9 Financial Instruments from the perspective of both financial and non-financial institutions, IFRS 15 Revenue from Contracts with Customers and the upcoming standards on leases and insurance contracts, as well as discussion on the need and methods for better disclosures and on cross-cutting implications of IFRS measurements.

At the event, IASB Chairman, Vice Chairman and Members will also give an update on active projects and future plans in financial reporting, covering conceptual framework, macro hedging, rate-regulated activities, implementation projects and research projects.

Following the conference, a half-day workshop on implementing the IFRS for SMEs will be held on 13 October afternoon, which will cover case studies of the IFRS for SMEs application in Hong Kong.

Click here for the conference and workshop details, and register by 30 July to enjoy the early bird discount.

Enquiries and registration: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

14 May. 2015

The AOSSG has submitted its comment letter on the IASB ED/2014/6 Disclosure Initiative: Proposed amendments to IAS 7.

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.