11 Jan. 2019
20 Dec. 2018
02 Aug. 2018
The summary for the Shanghai IFRS Workshop is now available.
31 Jan. 2018
31 Jan. 2018
The AOSSG has today published a report titled Reporting Islamic Financial Transactions under IFRS. The Report is an update of 15 issues relating to Islamic finance which was identified in its 2010 Research Paper. The update is timely to reflect development in IFRS Standards post 2010, particularly in view of coming into effect the “big four” IFRS Standards on – Financial Instruments, Revenue from Contracts with Customers, Leases and Insurance.
The Report suggests that the issues researched can be addressed within IFRS. However, accounting for Islamic financial transactions will require a separate in-depth discourse as it depends on facts and circumstances which may vary across jurisdictions. In this regard, the AOSSG Islamic Finance Working Group believes that it is imperative to align its agenda with those of the IASB Islamic Finance Consultative Group so as to achieve a concerted effort on this area.
17 Nov. 2017
17 Nov. 2017
The AOSSG has submitted its comment letter on IASB Discussion Paper DP/2017/1 Disclosure Initiative – Principles of Disclosure, including Appendix A - Analysis of AOSSG members' comments and Appendix B - Comment letter from the AOSSG Islamic Finance Working Group.
1 Jun. 2017
Meeting with IFRS Foundation Trustees
At the request of the IFRS Foundation Trustees, the AOSSG CAC (Chair's Advisory Committee) attended the Trustees' meeting held in Tokyo, Japan on 25 May 2017; and this was the first official meeting between the AOSSG and the Trustees.
In the meeting, the CAC highlighted that it is critical for the Trustees and the AOSSG to work together as both parties pursue the common goals. The CAC also suggested that the Trustees provide support for the AOSSG's Mentoring Programme and its Working Group activities. The Trustees acknowledged that they share the common goals with the AOSSG, and expressed its willingness to cooperate with the AOSSG going forward in order to achieve the goals of promoting IFRS across the Asia-Oceania region and maintaining consistent application of IFRS.
The Trustees and the CAC agreed that they would continue to build a strong relationship. They will consider having an opportunity for discussion at the Trustee meeting in 2018 that will be held in the Asia-Oceania region, where necessary.
15 Mar. 2017
New Chair of the Korea Accounting Standards Board to represent the AOSSG Chair
Mr. Eui-Hyung Kim, Senior Partner of PwC Consulting Korea, has been appointed as the new Chair and CEO of the Korea Accounting Standards Board (KASB) as of March 1, 2017, succeeding Dr. Jee In Jang who retired on 28 February.
According to the AOSSG MoU and the Annexure to MoU - Criteria and Process for Chair and Vice-Chair Appointment, Mr. Eui-Hyung Kim now represents the AOSSG Chair.
The KASB has carried out the role of AOSSG Chair since November 2015 and its term will expire at the commencement of the next Annual AOSSG Meeting in November 2017.
More details of this news are available on the KASB website.
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