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Outcomes from the sixth AOSSG meeting

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

19 Dec 2014

The Asian-Oceanian Standard-Setters Group (AOSSG) has released a communiqué from its meeting held in Hong Kong on 26 and 27 November 2014.

In addition to several IASB projects (including all of the IASB's major projects), the participants also discussed:

  • Islamic accounting. The participants discussed in particular the AOSSG's Islamic Finance Working Group's study of 132 Islamic financial institutions around the world and concluded that future outreach to government ministries, central banks and securities regulators may be necessary to promote the use of IFRS by Islamic financial institutions.
  • IFRS in the region. AOSSG members from Japan, Indonesia, Sri Lanka and India provided updates on the progress of adopting IFRS in their respective jurisdictions.
  • Building regional capacity. The AOSSG's IFRS Centre of Excellence (COE) for a Developing Country Working Party has accomplished its targeted activities after two years for establishing a pilot IFRS COE initiative in Nepal.
  • AOSSG strategic plan. Members discussed key AOSSG activities planned for the next five years commencing fromthe 2014 Annual AOSSG Meeting. In addtion to other points, they agreed
    • to continue to support the IASB's due process by: (i) providing AOSSG's views through written submissions, at face-to-face AOSSG meetings and through the AOSSG's representation at the IASB's Accounting Standards Advisory Forum; and (ii) contributing to the IASB's research projects;
    • to continue to reinforce and remind members of the AOSSG's commitment to a single set of global accounting standards;
    • to continue to engage with members of IFRS Trustees, IFRS Advisory Council and IASB from the Asia-Oceania region, and staff of the IFRS Asia-Oceania office; and
    • to ensure local stakeholders are aware of the AOSSG and its aims.

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

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