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Communiqué from latest China-Japan-Korea meeting

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30 Oct 2012

A Communiqué has been issued from a meeting of the standard setters from China, Japan and the Republic of Korea held in Seoul, Korea on 10 October 2012.

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

The meeting saw discussion on the IASB Emerging Economies Group (EEG), accounting standards for small and medium sized companies, and the IFRS Foundation Asia-Oceania liaison office that was opened in Tokyo in October 2012.  An in-depth discussion on business combinations under common control was also held, and updates received on various IASB projects.

The delegates at this meeting reached consensus to cooperate with each other to:

  1. promote the advancement of International Financial Reporting Standards (IFRSs) by improving mutual understanding through sharing domestic issues relating to IFRSs and discussing ways to resolve those issues in a coordinated manner
  2. share views on the current projects of the IASB in a manner that contributes to more constructive development and amendment of IFRSs
  3. provide full support for the successful operation of the IFRS Foundation Asia-Oceania liaison office that was opened in Tokyo in October 2012.

The next meeting will be held in Japan in 2013.

Click for the full Communiqué (link to KASB website).

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