FSF Asia-Pacific forum supports convergence efforts

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21 Mar 2006

The Financial Stability Forum (FSF) held its fourth Asia-Pacific regional meeting on 16 March 2006 in Sydney, Australia.

Senior representatives from finance ministries, central banks, and supervisory and regulatory authorities from 10 FSF member economies and 8 regional non-member economies attended the meeting. Senior officials from international institutions represented on the FSF, as well as the Asian Development Bank, also took part. Participants exchanged views on a broad range of issues, including accounting standards.

The Report of the FSF Asia-Pacific Forum 2006 (PDF 72k) states:

Progress toward convergence and harmonisation in international accounting standards is underway, with growing participation from countries in the region. Efforts by the IASB to produce a set of standards for small and medium sized enterprises and by regulators and audit oversight authorities to promote more effective cooperation and enhancements to audit quality were welcomed.


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