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China, Japan and Korean standard setters sign Memorandum of Understanding

01 Mar 2011

On 25 January 2011, a meeting between the leaders of the standard setters of China, Japan and the Republic of Korea resulted in the signing of a Memorandum of Understanding (MoU), which seeks to strengthen and reinforce the communication and cooperation between the standard setters over the next several years.

Under the MoU, the three parties have agreed to:

  • continue communicating with one another on accounting standards development
  • exchange views and experience of convergence work with IFRSs and related implementation, and share their experience with other jurisdictions
  • continue to work together to play an important role in the Asian-Oceanian Standard Setters Group (AOSSG)
  • cooperate on the governance and strategy review of the IFRS Foundation, and work jointly to achieve high quality financial reporting in the Asian-Oceanian region and the development of IFRSs
  • strengthen communication of technical issues on IFRSs, endeavour to reach consensus in comments on the IASB's major projects.

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