The objectives of the AOSSG identified in its Memorandum of Understanding (MOU) are:
- to promote the adoption of, and convergence with, IFRSs by jurisdictions in the region;
- to promote consistent application of IFRSs by jurisdictions in the region;
- to coordinate input from the region to the technical activities of the IASB and thus to contribute to a single set of high quality global financial reporting standards; and
- to cooperate with governments and regulators and other regional and international organisations to improve the quality of financial reporting in the region.
As the strategic plan points out, the AOSSG can rely on great technical competence and good relations to the IASB and other bodies of the IFRS Foundation to achieve these objectives. However, a threat to future activities are a weak funding position and jurisdictions that undermine the objectives of promoting the adoption of IFRS in the region and developing a single set of global accounting standards by making changes to IFRSs. The strategic plan states:
The AOSSG notes the challenges in some jurisdictions in adopting or transitioning to IFRS, and therefore, there is no one adoption/transition method that fits all jurisdictions. Member organisations need to be mindful of the AOSSG's objectives when developing and implementing their long-term IFRS adoption plans and avoid, if possible, making modifications to IFRS.
Please click access to the AOSSG's strategic plan including a complete overview of strengths, weaknesses, opportunities, and threats on the AOSSG website.