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Outcomes from the eighth AOSSG meeting

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

02 Feb 2017

The Asian-Oceanian Standard-Setters Group (AOSSG) has released a communiqué from its eighth annual meeting held in Wellington on 29-30 November 2016.

The attendees discussed various topics relating to the projects that are being undertaken by the IASB. Those projects included included insurance contracts, financial instruments with the characteristics of equity, the Conceptual Framework, and the materiality practice statement.

They also discussed some topical issues raised by member jurisdictions:

  • Australia and Korea addressed the effect of IFRS adoption in their jurisdictions respectively;
  • New Zealand shared the findings of a research on user information needs;
  • Japan addressed the implication of negative interest rate environment;
  • Hong Kong shared its research outcome on a project–Business Combination Under Common Control (BCUCC);
  • Thailand and Sri Lanka raised issues of IFRS implementation;
  • Korea shared its experience with technical support on IFRS 9 and IFRS 15;
  • Malaysia shared a study relating to financial statements of Islamic Financial institutions; and
  • Japan and Thailand presented an update on IFRS convergence/adoption in their jurisdictions.

In addition, there were break-out sessions on the disclosure initiative and fair value measurement.

Members also discussed key AOSSG activities and the progress of action plans and next steps against the AOSSG Strategic Plan 2015–2019. Specifically, members agreed that the AOSSG will focus on the following activities in 2017: (i) provide assistance to Vietnam as part of the AOSSG Mentoring programme and (ii) improve the structure and operation of the AOSSG Working Groups.

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

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