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Communiqué from latest China-Japan-Korea accounting standard-setters meeting

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17 Dec 2014

A communiqué has been issued from a meeting of the standard-setters from China, Japan and the Republic of Korea held in Shenzhen on 23 November 2014.

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 Macao 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 as well as prospective initiatives of the Asian-Oceanian Standard Setters Group (AOSSG). Delegates at this meeting reached the following consensus:

  1. To continue to follow major ongoing projects of the IASB, including the Conceptual Framework, insurance contracts and leases, and to remain committed to jointly contributing to a single set of high quality global financial reporting standards;
  2. to play a leading role among standard setters in the Asia-Oceania region in the development of the future strategy of the AOSSG; and
  3. to enhance the communication and cooperation among the three countries in relation to the future governance review of the IFRS Foundation, so as to further improve the involvement in the standard-setting process of IFRSs.

The next meeting will be held in Korea on 23 November 2015.

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

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