Background & History
During the period in 2007-2008, many jurisdictions in the Asian-Oceanian region had adopted or converged with the International Financial Reporting Standards (IFRSs) while many others had announced convergence with the IFRSs with time-tables or roadmaps. In the context of increasingly globalised financial reporting standards, it was necessary for the Accounting Standard-Setters in the region to establish a platform to discuss problems and share experiences in the convergence process and make contributions to a single set of high quality global accounting standards.
Hence, in 2008, China, Japan and Korea initiated the idea of forming a group of National Standard-Setters from the Asian-Oceanian Region so as to exchange ideas and have joint voice in the matters related to IFRSs. On April 17, 2009, a Preparatory Meeting was held in Beijing to take this idea ahead.
Representatives from China, Japan, Korea, Malaysia, Singapore, Australia, New Zealand, Brunei, Hong Kong SAR, Indonesia and Macau SAR agreed that it was necessary for accounting standard-setters in the region to participate in the development of the IFRSs and work towards a single set of high quality global accounting standards. As a result, representatives agreed to establish the Asian-Oceanian Standard Setter Group (AOSSG) as early as possible with membership of the AOSSG opens to all accounting standard-setters in the Asia and Oceania region (according to the United Nation list).
The Preparatory Meeting was also attended by Sir David Tweedie, the then Chairman, International Accounting Standards Board (IASB) and two other Board members and welcomed the formation of the AOSSG.
During the meeting, Malaysia agreed to host the first meeting of the Group in November 2009.
The Preparatory Meeting was co-sponsored by the Australian Accounting Standards Board (AASB), the Brunei Ministry of Finance, the China Accounting Standards Committee (CASC), the Indonesian Institute of Accountants (IAI), the Accounting Standards Board of Japan (ASBJ), the Korean Accounting Standards Board (KASB), the Malaysian Accounting Standards Board (MASB), the Financial Reporting Standards Board of New-Zealand, Singapore Accounting Standards Council (ASC, Singapore), the Hong Kong Institute of CPAs (HKICPA) and the Committee for the Registry of Auditors and Accountants (CRAC) of Macau.
This Group caught attention of the IASB and an article was published in INSIGHT that was posted on website.