February 5, 2016

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.

October 12, 2015

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.

October 6, 2015

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.

October 5, 2015

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.

July 28, 2015

ASAF meeting July 2015

The IASB held its ninth Accounting Standards Advisory Forum (ASAF) meeting on 16-17 July 2015 in London with its revised membership. 

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 (MOFC); and Mr Yukio Ono, Chairman of the Accounting Standards Board of Japan; and eight other members of the IASB's ASAF participated at the meeting.

The ASAF discussed:

  • the AASB and NZASB's ideas for the release pattern of the contractual service margin and the modification of the accounting policy choice for presenting the effect of changes in discount rates in profit or loss or other comprehensive income;
  • members' initial views on the recognition and derecognition proposals that are included in the IASB's Conceptual Framework exposure draft, and EFRAG's paper on the distinction between profit or loss and other comprehensive income;
  • members' views on the existing/possible problems with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and the objectives and strategies of the IASB's research project that aims to improve IAS 37;
  • members' views on the content of the IASB's forthcoming discussion paper on the Principles of Disclosures;
  • members' views on the IASB's tentative decisions on the approach to its project on Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging;
  • the MOFC's proposed model for the accounting of emissions trading and members' views on the IASB staff's findings on the present accounting approaches for cap-and-trade schemes;
  • members' views on the IASB's tentative decisions from its May 2015 meeting in relation to rate-regulated activities; and
  • members' views on the next steps of the IASB's project on Discount Rates.

The ASAF also received an update on the IASB's forthcoming exposure draft on the clarifications to IFRS 15 Revenue from Contracts with Customers, the IASB's standard-setting and research agendas, and the IASB's proposed future ASAF agendas.

June 26, 2015

Reappointment to the IASB Accounting Standards Advisory Forum

The AOSSG, along with its members: the Accounting Standards Board of Japan; the Australian Accounting Standards Board (who will work closely with the New Zealand Accounting Standards Board to provide a collective Australia and New Zealand view); and the Chinese Accounting Standards Committee have been reappointed as members of the IASB's next Accounting Standards Advisory Forum (ASAF).

The AOSSG’s reappointment on ASAF is a recognition of the hard work of our members as a group and the AOSSG’s contributions to the work of the IASB.  The AOSSG's ASAF Working Party and its secretariat, and AOSSG's Working Group Leaders, will continue to support the AOSSG representative on ASAF.

June 2, 2015

Joint HKICPA and IFRS Foundation IFRS Conference, 12 – 13 October 2015

The Hong Kong Institute of CPAs (HKICPA) and the IFRS Foundation will jointly host an IFRS Conference on 12-13 October at the JW Marriott Hotel, Hong Kong.

The conference will focus on live implementation plans for IFRS 9 Financial Instruments from the perspective of both financial and non-financial institutions, IFRS 15 Revenue from Contracts with Customers and the upcoming standards on leases and insurance contracts, as well as discussion on the need and methods for better disclosures and on cross-cutting implications of IFRS measurements.

At the event, IASB Chairman, Vice Chairman and Members will also give an update on active projects and future plans in financial reporting, covering conceptual framework, macro hedging, rate-regulated activities, implementation projects and research projects.

Following the conference, a half-day workshop on implementing the IFRS for SMEs will be held on 13 October afternoon, which will cover case studies of the IFRS for SMEs application in Hong Kong.

Following the conference, a half-day workshop on implementing the IFRS for SMEs will be held on 13 October afternoon, which will cover case studies of the IFRS for SMEs application in Hong Kong.

Enquiries and registration:This email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it.