Representatives were present from the China Accounting Standard Committee (CASC), Accounting Standards Board of Japan (ASBJ), Korea Accounting Standards Board (KASB), International Accounting Standards Board (IASB), along with other delegates from the three countries and Hong Kong and Macau.

The meeting discussed the process of convergence of accounting standards, the IASB's projects and its future agenda and the prospective efforts of the Asian-Oceanian Standard Setters Group (AOSSG).

The delegates agreed to maintain communication between the countries (on projects, convergence and issues), to coordinate perspectives on the IASB's projects, and to enhance regional communication and cooperation in Asia-Oceania. Full support was expressed for the IASB's Asia-Oceanian regional liaison office to be established in Tokyo in October 2012.

The next meeting will be held in Korea in 2012. Click for press release (link to ASBJ website).

Click to view our country pages:

• China
• Japan
• Republic of Korea

Click through for direct access to the notes:

Monday, 7 November 2011

• Effective date of IFRS 9
  • Mandatory effective date of IFRS 9
  • Comparative restatement

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting. The next IASB meeting is scheduled to occur on 15-16 November 2011.

These model financial statements illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) for the year ended 31 December 2011 by an entity that is not a first-time adopter of IFRSs. They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific Standard.

The model financial statements illustrate the impact of a number of new and revised Standards and Interpretations that are mandatorily effective on 1 January 2011. However, they do not illustrate the impact of early adoption of new and revised Standards and Interpretations that are not yet mandatorily effective on 1 January 2011 (e.g. IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities).

Click for IFRS Model Financial Statements for 2011 (without early application) (PDF file, 1,506k)

The committee discussed:

• Development of a protocol for due process oversight
• Post-implementation review planning
• Agenda consultation
• Review of the IFRS Interpretations Committee
• Correspondence with third parties
• Due process oversight of standards
• Oversight of XBRL activities
• Interaction with national and regional accounting standard-setters

Please click here to read the notes on the IFRS Foundation's website.

• Clemens Börsig (Europe),
• Robert Glauber (Vice-Chairman and acting Co-Chairman of the Trustees, North America) and
• Noriaki Shimazaki (Asia-Oceania).

Their respective terms will now expire in December 2014. Please click for an updated list of all Trustees of the IFRS Foundation. The IFRS Foundation has published a short press release (link to IASB website).

The webcast will start at at 08:00am GMT and will last for one hour.

Topics will include an overview of the rationale behind the move towards integrated reporting, initial proposals for the development of an International Integrated Reporting Framework, and the next steps towards its creation and adoption.

Click for more information and registration (link to webcast registration).

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

You can access the agenda on our November 2011 IASB meeting page.  We will also post Deloitte observer notes on this page as they are available.

Many of the agreed outcomes are focused on global economic and other issues, and include agreed actions on implementing and deepening financial sector reforms. These include reference to global accounting standards, convergence and the governance of the IASB. Achieving convergence on financial instruments is singled out for particular attention and a report on the overall IASB-FASB convergence project is called for by April 2012.

The Cannes Summit Final Declaration includes the following observations in relation to accounting standards:

"We reaffirm our objective to achieve a single set of high quality global accounting standards and meet the objectives set at the London summit in April 2009, notably as regards the improvement of standards for the valuation of financial instruments. We call on the IASB and the FASB to complete their convergence project and look forward to a progress report at the Finance Ministers and Central Bank governors meeting in April 2012. We look forward to the completion of proposals to reform the IASB governance framework."

Other financial sector reforms cited include supervision of global systemically important financial institutions (G-SIFIs), regulation of banks (including 'shadow banking'), over-the-counter (OTC) markets and compensation practices, and reform of the Financial Stability Board (FSB).

Click for:

• Communiqué G20 Leaders Summit – Cannes (link to the G20 website)
• Cannes Summit Final Declaration (link to the G20 website).

IASB and ASBJ discussed the following topics:

• IFRS - US GAAP convergence,
• convergence of Japanese GAAP and IFRSs,
• interpretation and practical issues relating to the voluntary application of IFRSs in Japan,
• the IASB Agenda Consultation 2011, and
• major projects on the IASB's agenda including Financial instruments: impairment, Revenue recognition, Leases, and the exemption from consolidation for investment entities.

The IASB has posted to its website a press release with a summary of the discussions.