Outcomes from the Second Asian-Oceanian Standard Setters Group Meeting
The Communiqué from the second meeting of the Asian-Oceanian Standard Setters Group (AOSSG), held in Tokyo, Japan on 29-30 September 2010, has been released.
Topics discussed included:
- Importance of the AOSSG. It was noted that it was important to have greater coordination between Asian-Oceanian standard setters in the development of IFRS. Sir David Tweedie (IASB Chairman) noted input from the region should be given more weight given the strong economic growth and developments throughout the region
- Administration. Mr. Ikuo Nishikawa (Accounting Standards Board of Japan) and Mr. Kevin Stevenson (Australian Accounting Standards Board) were elected chairman and vice-chairman respectively. A 'Chairman's Advisory Committee' is also to be established
- Emission trading. The group is to recommended the IASB accelerates finalisation of this project and expands it to include other schemes
- Islamic finance. The group has identified a number of issues in accounting for Islamic financial transactions and the possible impacts on a country's full adoption of IFRS
- IASB projects. The group discussed the IASB's projects on consolidation, financial instruments, financial statement presentation, insurance, fair value measurement, leases and revenue recognition
- Working groups. The group decided to establish a working group on IAS 41 Agriculture.