March 17, 2014

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.

March 21, 2013

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.

November 15, 2012

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:

September 14, 2012

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.

May 31, 2012

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.”

May 31, 2012

John O’Grady has been appointed to the IFRS Interpretations Committee for an initial three-year term from June 2012. He will join colleagues from other AOSSG jurisdictions in the IFRS Interpretations Committee: Feilong Li (China) and Joanna Perry (New Zealand).

John O’Grady is an Assurance Partner in Ernst & Young (EY), based in Hong Kong, China and Melbourne, Australia. He is a senior Partner in EY’s Asia Pacific Professional Practice Group where he has led the Asia Pacific IFRS Group since the formation of the Asia Pacific Area within EY in July 2010. Prior to that time he led the Oceania Area IFRS Group from 2005. John is also a member of EY's global IFRS Policy Committee, which is responsible for recommending EY policy around IFRS application, reporting and interpretation globally. John has overall responsibility for IFRS consultations and interpretations within EY across Asia Pacific, and leads a team of IFRS Professional Practice personnel across 22 countries. He is a graduate of University College Dublin and a Fellow of the Institutes of Chartered Accountants in Australia and in Ireland.

May 31, 2012

The IASB-FASB Roundtable on Revenue Recognition from Contracts with Customers held in Tokyo, 4 April 2012 was attended by the AOSSG Chair, Kevin Stevenson and AOSSG member standard setters, Ikuo Nishikawa, Chair and Atsu Kato, Vice Chair of Accounting Standards Board Japan. Topics of discussion included; performance obligations satisfied over time, onerous performance obligations and disclosure.

May 31, 2012

AOSSG Chair, Kevin Stevenson, took part in the IFRS Conference themed ‘Challenges & Opportunities’ was held 1-2 May, in Qassim of Saudi Arabia. This conference was particularly timely as the Saudi Organizations of CPA (SOCPA) announced, in the lead up to the conference, that it would be adopting IFRS for non-financial reporting entities. Financial institutions already apply IFRS. The objective of the conference was to explore challenges and opportunities when adopting IFRS.

AOSSG Chairman, Kevin Stevenson gave an International keynote address at the IFRS World Accounting Summit in Dubai, United Arab Emirates, 7 - 10 May 2012. Atsu Kato, Vice Chairman, Accounting Standards Board Japan and AOSSG member, presented on the Accounting Bodies Panel: What guidance and services have they been providing to their members through challenging times?

Peter Casey, Senior Director, Policy and Strategy, Head of Islamic Finance, Dubai Financial Services Authority and AOSSG member, presented on Islamic Finance – Is IFRS capturing the Sharia – Compliant Instrument Market session.

Mr Stevenson also met with various interested parties at the Dubai Financial Services Authority, an event organised by Peter Casey.

In April, 2012 Kevin Stevenson, presented a half day seminar on IFRS to members of the Institute of Chartered Accountants in Nepal. This included discussion of how Nepal might adopt IFRS. The event was organised by Pradeep Shrestha, Chairman, Accounting Standards Board Nepal and his Board.