Outcomes from the fourth AOSSG meeting

  • AOSSG (Asian-Oceanian Standard-Setters Group) (dk green) Image

13 Dec 2012

The Asian-Oceanian Standard-Setters Group (AOSSG) has released a communiqué from its meeting held in Kathmandu, Nepal on 28 and 29 November 2012. Highlights include plans for an ‘IFRS Centre of Excellence for a Developing Country’ (IFRS COEDC) in Nepal that would help Nepal to build its standard-setting capacity, the need for rapid finalisation of the IASB's project on 'bearer biological assets', and discussion on Islamic finance accounting issues.

The participating standard-setters were from Australia, Brunei, China, Hong Kong, India, Indonesia, Iraq, Japan, Korea, Macao, Malaysia, Nepal, New Zealand, Pakistan, Saudi Arabia, Singapore, Sri Lanka, Thailand and Vietnam.  The IASB was represented by Hans Hoogervorst (IASB Chair), and Board members, Mr. Wei-guo Zhang and Mr. Prabhakar Kalavacherla, along with Wayne Upton, IASB Director of International Activities and Chairman of the IFRS Interpretations Committee, and IASB staff.

The planned IFRS COEDC is designed to help build Nepal’s standard-setting capacity and was given unanimous support by the AOSSG members.  Initial planned steps were agreed and nine jurisdictions agreed to become the Working Party, to be chaired by Australia, that facilitates the establishment of the IFRS COEDC.  (Nepal currently has standards that a based on older versions of IFRSs and is currently in the process of updating these to be compliant with later versions of standards as promulgated by the IASB.)

Other developments at the meeting include:

  • The AOSSG welcomed the IASB's project to amend IAS 41 Agriculture in relation to 'bearer biological assets', emphasising its willingness to assist the IASB in its deliberations, and expressed "the hope that the IASB would finalise the limited scope project as soon as possible"
  • The AOSSG discussed issues arising from recent IASB tentative decisions and their impact on Islamic finance transactions, including in relation to sales-based financing, which is commonly used in such transactions.  The IASB staff also briefed members on plans for an IASB consultative group on Islamic Finance, which was welcomed
  • The expression of strong support for the IASB's proposed Accounting Standards Advisory Forum
  • Discussion on issues arising from the IASB's projects on insurance contracts, revenue recognition, financial instruments, leases, the post-implementation review of IFRS 8 Operating Segments and the review of the IFRS for SMEs
  • Approval of proposed AOSSG protocols and the admission of the Association of Syrian Certified Accountants as an AOSSG member.

The fifth annual AOSSG meeting will be held towards the end of 2013.

Click for the comminiqué from the meeting (link to AOSSG website)

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