A group of National Standard-Setters in Asian-Oceanian Region

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.

AOSSG annual meeting to be held in Wellington

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.

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.

AOSSG annual meeting to be held in Seoul

IASB Accounting Standards Advisory Forum - October 2015

On 1-2 October 2015, the AOSSG Chair, Mr Clement Chan; 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:

• the feedback received from the IASB's World Standard Setter conference in relation to the 2015 Agenda Consultation and the proposed revisions to the IASB's conceptual framework;
• the implications of the proposed revisions to the IASB's conceptual framework for the IASB's project on Rate-regulated Activities;
• members' initial views on the IASB's proposed clarifications to IFRS 15 Revenue from Contracts with Customers;
• members' input on the IASB's project on Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value;
• members' views on the IASB staff's proposed accounting methods for pollutant pricing mechanisms; and
• members' views on the IASB staff's proposed changes to the equity method of accounting.

International Forum of Accounting Standard Setters - September 2015

The International Forum of Accounting Standard Setters took place on 28-29 September 2015 in London. 69 delegates comprising national and regional standard-setters, including AOSSG member standard-setters from Australia, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan and Singapore, and other interested parties attended the meeting.

The meeting discussed, among other things, the national standard-setters' projects such as goodwill and impairment, the statement of cash flows, reporting income and expenses in profit or loss or OCI, as well as topical issues on core inventories and the accounting for non-traditional financing arrangements.

Mr Clement Chan, AOSSG Chair, provided an update on the AOSSG’s activities for the last five months, including an update on the AOSSG's building regional capacity initiative.

World Standard Setters conference - September 2015

AOSSG members attended the IASB's World Standard Setters conference that took place on 28-29 September 2015 in London. The conference discussed the IFRS Trustees' request for views on the Foundation's structure and effectiveness, and aspects of the IASB's proposed revisions to its conceptual framework. The conference also held parallel education sessions on IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers, and the forthcoming standards on insurance contracts and leases.