April 22, 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.

March 19, 2015

AOSSG Strategic Plan 2015 - 2019

The AOSSG has published its strategic plan for 2015-2019. This papers describes the key AOSSG activities as well as other activities that will be considered in the following years.

AOSSG Office Bearer News

The AOSSG congratulates Mr Djohan Pinnarwan for his appointment as incoming Chair of the Indonesian Financial Accounting Standards Board (Dewan Standar Akuntansi Keuangan – DSAK IAI). AOSSG members look forward to working with Mr Pinnarwan in his new role with the aim of continuing to promote improved financial reporting within Asia-Oceania.

At the same time, AOSSG members express their utmost gratitude to Ms Rosita Uli Sinaga, the outgoing Chair of DSAK IAI, for her contributions to the AOSSG over her term at the DSAK IAI. AOSSG members have had great pleasure in working with Ms Sinaga and are very grateful for her support of AOSSG activities.

February 16, 2015

FebruaryThe Korea Accounting Review International Symposium (KARIS), co-hosted by the Korean Accounting Association (KAA) and the Korea Accounting Standards Board (KASB), will be held in Seoul on 31 March 2015. At this symposium, participants will have an opportunity to discuss the effects of IFRS adoption, accounting information and firm value.

Speakers include Hans Hoogervorst, chairman of the IASB, James Ohlson, professor at New York University and world renowned scholar in valuation, and other prominent presenters from Japan and Taiwan.

  • Time and Date: 2pm - 6pm, Tuesday 31 March, 2015
  • Venue: Conference Room, 2/F, Financial Supervisory Service

    (38 Yeoui-daero, Youngdeungpo-gu, Seoul, 150-743)

  • Organizer: Korean Accounting Association (KAA) & Korea Accounting Standards Board (KASB)
  • Sponsor: Financial Supervisory Service (FSS) & The Korea Economic Daily

More details on the symposium are available here.

If you have queries about the symposium, please contact:

Hyejung Lee (This email address is being protected from spambots. You need JavaScript enabled to view it.)
Won-Hee Han (This email address is being protected from spambots. You need JavaScript enabled to view it.)

December 23, 2014

The IASB held its seventh Accounting Standards Advisory Forum (ASAF) meeting on 4-5 December 2014 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; and seven other members of the IASB's ASAF participated at the meeting.

The ASAF discussed:

  • accounting issues associated with the equity method for the IASB's consideration when pursuing its research project on the topic;
  • ASAF members' preliminary views on the IASB's Discussion Paper in relation to Rate-Regulated Activities;
  • ASAF members’ views on the presentation of cash paid on capital expenditure, the presentation of interest in the cash flow statement, and line item disclosures;
  • accounting issues associated with emission trading schemes (ETS) in ASAF members' jurisdictions or regions for the IASB's consideration when pursuing its ETS research project;
  • the scope and approach of the IASB's post-employment benefit research project, particularly on 'contribution-based promises';
  • a proposal by the Group of Latin American Standard Setters on the recognition of high inflation effects on financial statements;
  • the IASB’s recent tentative decisions on the Leases and the Insurance Contracts projects;
  • how national standard-setters could contribute to the debate of foreign currency translation. IASB staff acknowledged plans to use the Korea Accounting Standards Board's research papers on the topic when they undertake the research project;
  • the next steps for the IASB's Dynamic Risk Management project; and
  • the current IASB work plan and the focus of the 2015 IASB agenda consultation.

December 15, 2014

The AOSSG's IFRS Centre of Excellence (COE) for a Developing Country Working Party has accomplished its targeted activities after two years for establishing a pilot IFRS COE initiative in Nepal.

Those activities involve a review of the standard-setting processes and capacity of the Accounting Standards Board, Nepal and a series of Train-the-Trainer (TTT) programs in Kathmandu.

Photos are available here

November 6, 2014

AOSSG member standard-setters from Australia, Hong Kong, India, Indonesia, Iraq, Japan, Korea, Malaysia, New Zealand, Pakistan, Singapore and Syria met briefly with members and staff of the IASB on the afternoon of 28 September 2014 in London.

The meeting mainly discussed AOSSG members’ preliminary views on the IASB’s tentative decisions in relation to the Conceptual Framework and Insurance Contracts projects, and the IASB Discussion Paper Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging.

November 6, 2014

The AOSSG congratulates Ms Kris Peach for her appointment as incoming Chair of the Australian Accounting Standards Board (AASB). Ms Peach was previously involved in AOSSG activities during her term as Deputy Chair of the AASB (2011-2013). AOSSG members look forward to continuing to work with Ms Peach in her new role with the aim of continuing to promote high quality financial reporting within Asia-Oceania.

At the same time, AOSSG members express their utmost gratitude to Mr Kevin Stevenson, the outgoing AASB Chairman, for his contributions to the AOSSG particularly during his term as the AOSSG Chair (November 2011-2013). AOSSG members have had great pleasure in working with Mr Stevenson and are very grateful for his leadership and support of AASB's contribution to the AOSSG.

October 30, 2014

On 25-26 September 2014, the AOSSG Chair, Mr Clement Chan; AOSSG member standard-setters: Mr Angus Thomson, Acting-Chairman 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; and eight other members of the IASB Accounting Standards Advisory Forum (ASAF) met with representatives of the IASB in London.

The ASAF discussed:

  • ASAF members’ views on the next steps of the Disclosure Initiative project, specifically in relation to Principles of Disclosure, Amendments to IAS 1, and Materiality;
  • ASAF members' views on participating features in insurance contracts and the practical issues relating to transition;
  • the feedback received in relation to: the respective IASB and FASB post-implementation reviews (PIR) on business combinations; a research paper prepared by EFRAG, and the Italian and Japanese national standard-setters on goodwill and amortisation; a survey conducted by the UK Financial Reporting Council on intangible assets and amortisation; and ASAF members’ views on the next steps of the IASB’s PIR;
  • ASAF members’ views on the IASB’s tentative decisions on the Conceptual Framework project, specifically in relation to the measurement chapter;
  • the IASB’s recent tentative decisions on the Leases project;
  • the scope of the IASB Equity/Liabilities research project; and
  • local issues relating to the determination of an appropriate discount rate.