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Communiqué from latest China-Japan-Korea meeting

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11 Nov 2013

A communiqué has been issued from a meeting of the standard-setters from China, Japan and the Republic of Korea held in Tokyo on 6 November 2013.

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 current major projects of the IASB and standard-setting activities in the jurisdictions of the respective attendants. Delegates at this meeting reached the following consensus:

 

  1. To have more frequent communication through face-to-face meetings and/or the use of technology, such that views from China, Japan, and Korea would become closer or common; thereby these views would be better reflected in the International Financial Reporting Standards (IFRSs);
  2. To play a leading role to promote enhanced cooperation among standards setters from the Asia-Oceania region, and to increase the prominence of the Asian-Oceanian Standard Setters Group (AOSSG) in the global accounting standards setting community; and
  3. To collaborate, to the extent possible, on research projects commissioned by national accounting standards setters and the IFRS Foundation Asia-Oceania office.

The next meeting will be held in China in 2014.

Click for the full communiqué (link to ASBJ website).

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