The AOSSG congratulates Dr Steve Lim on his appointment to the IFRS Advisory Council from 1 April 2014.
Dr Lim served as the Chair and Vice-Chair of the Korea Accounting Standards Board (KASB) and as the Vice-Chair of the AOSSG, and was a keen participant in AOSSG activities. During that time, AOSSG members have had great pleasure in working with Dr Lim and acknowledge his leadership and support of KASB’s contributions to the AOSSG.
The IFRS Foundation, with the Singapore Accounting Standards Council (ASC) as the strategic partner, is holding the Asia-Oceania IFRS Conference in Singapore at the Marina Bay Sands Hotel on 29 and 30 May 2014.
The conference brings together leaders in financial reporting from the private sector, regulatory bodies and members of the International Accounting Standards Board (IASB) and the Singapore ASC, as well as accounting professionals and others with an interest in International Financial Reporting Standards.
The conference offers a unique opportunity to be updated by members of the IASB on its active projects as well as on its future plans. IASB members will set out how they are responding to the feedback received, and how they expect the IASB work plan to evolve.
MarchThe AOSSG Chair, Mr Clement Chan, and other AOSSG member standard-setters participated in a series of meetings and conferences from 3-9 March 2014. Read More
The AOSSG congratulates Dr Jee In Jang and Mr Sungsoo Kwon for their respective appointments as incoming Chair and Vice-Chair of the Korea Accounting Standards Board (KASB), and accordingly welcomes Dr Jang to his role as AOSSG Vice-Chair. AOSSG members look forward to working with Dr Jang and Mr Kwon in their new roles with the aim of continuing to promote improved financial reporting within Asia-Oceania.
At the same time, AOSSG members express their utmost gratitude to Mr Steve Lim and Mr Chanhong Kim, the outgoing KASB Chairman and Vice-Chairman respectively, for their contributions to the AOSSG over their terms at the KASB. AOSSG members have had great pleasure in working with Messrs Lim and Kim and are very grateful for their leadership and support of KASB's contribution to the AOSSG.
The HKICPA, represented by Mr Clement Chan, President of the Hong Kong Institute of Certified Public Accountants (HKICPA), and the KASB were ratified as the new AOSSG Chair and Vice-Chair respectively as at the 2013 Annual AOSSG Meeting for two-year terms.
The AOSSG, along with its members: the Accounting Standards Board of Japan (ASBJ); the Australian Accounting Standards Board (AASB); and the Chinese Accounting Standards Committee (CASC) have been selected to serve on the new Accounting Standards Advisory Forum (ASAF) of the International Accounting Standards Board (IASB).
The AOSSG congratulates the ASBJ, AASB and CASC for their individual appointments.
The AOSSG is one of three regional accounting bodies, together with nine individual national standard-setters to be foundation members of the ASAF.
The ASAF will provide technical advice to the IASB and bring national and regional perspectives to key issues on the IASB’s current agenda. It is intended that ASAF views will be sought in the early stages of projects so as to obtain input that will help shape each project’s direction and content, as well as mitigate the risk of late term delays in completing projects and issuing standards.
The AOSSG’s selection for ASAF membership is a recognition of the hard work of the members from around the Asia-Oceania region and the AOSSG’s contributions to the work of the IASB.
The AOSSG has initiated the process of establishing a Working Party of AOSSG members to help gather the views of the broader AOSSG membership so that the region is well represented at the ASAF. The Working Party is to be led by the Hong Kong Institute of Certified Public Accountants, the current AOSSG Vice-Chair that will also represent the AOSSG at the ASAF.
Membership of the ASAF was announced by the Trustees of the IFRS Foundation.
The AOSSG Chairman, Kevin Stevenson, attended the opening of the IFRS Foundation Asia-Oceania office in Tokyo today, together with a gathering of IFRS Foundation Trustees and IASB members. Mr Stevenson noted that the office is a recognition of the importance of Asia-Oceania to the IASB and an IASB resource for the benefit of Japan and the AOSSG.
Read a leaflet about the Asia-Oceania office:
The AOSSG congratulates Mr Mitsuhiro Takemura on his appointment as the incoming Office Director of the IFRS Foundation’s Asia-Oceania liaison office. The office will be opened in October 2012 and is located in Tokyo, Japan.
Mr Takemura will be responsible for the operations of the Asia-Oceania liaison office, and assist the IFRS Foundation and the IASB in developing the liaison office into a regional research hub that will support the research and fact-finding activities of the IASB.
AOSSG members look forward to working with Mr Takemura in his liaison role with the aim of continuing to promote improved financial reporting within Asia-Oceania.
The IASB has welcomed “the resolution passed by the Pan African Federation of Accountants (PAFA) General Assembly, [that members should] adopt International Financial Reporting Standards (IFRSs) and the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).”
“The IASB acknowledges the resolution as a broad policy statement that requires action from the 39 constituent members of PAFA, which was established in May 2011 to accelerate the development of the accountancy profession in Africa. Whilst some PAFA members have already adopted IFRSs or are taking steps towards doing so, the Board hopes that the PAFA policy will encourage others to follow. Commenting on the decision, Hans Hoogervorst, Chairman of the IASB, said: “This is a very positive move by PAFA member states to work collectively for the adoption of both IFRSs and the IFRS for SMEs across Africa. By improving clarity and comparability for existing and prospective investors, I believe that our standards have the potential to be of substantial economic benefit across the continent.”
