Representatives were present from the China Accounting Standard Committee (CASC), the Accounting Standards Board of Japan (ASBJ), the Korea Accounting Standards Board (KASB), and the International Accounting Standards Board (IASB), together with guests from Hong Kong and Macao.

The meeting saw a discussion of applications of IFRSs and the developments of local accounting standards in the respective jurisdictions. Participants also had in-depth discussions of the IASB’s major projects.

Delegates agreed to have more frequent communication among the three countries to contribute to the development of IFRSs 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 Seoul in October 2018. Please click for the full communiqué (link to ASBJ website).