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

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14 Oct 2016

A communiqué has been issued from a meeting of the standard-setters from China, Japan and the Republic of Korea held in Tokyo on 13 October 2016.

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.

The meeting saw an update on activities during 2016 und in-depth discussions of leases, financial instruments, and goodwill.

Delegates agreed to continue to follow the work of the IASB and to have more frequent communication among the three countries to contribute to the development of International Financial Reporting Standards (IFRS) and to play a leading role in the Asia-Oceania region and to increase the prominence of the Asian-Oceanian Standard Setters Group (AOSSG) in the global accounting standard-setting community.

The next meeting will be held in China in 2017.

Please click for the full communiqué (link to ASBJ website).

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