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

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21 Sep 2023

A communiqué has been issued from a meeting of the standard setters from China, Japan and the Republic of Korea held in Shanghai on 30 August 2023.

In addition to representatives from the three countries' standard-setting bodies, observers from the IASB and guests from Hong Kong and Macao attended the meeting.

The three countries presented and shared experiences and views on the following accounting topics:

  • recent activities relating to the progress of International Financial Reporting Standard (IFRS);
  • implementation and development of their local accounting standards in each of their jurisdictions;
  • income taxes (international tax reform);
  • cryptoassets; and
  • leases.

The delegates also agreed to work together to reinforce their commitment towards IFRS Accounting Standards as a single set of high-quality global accounting standards, to proactively identify and research potential standard-setting issues to contribute to the IASB’s work,and to enhance communication among the three countries with a view to sharing opinions and experiences to enable consistent application of IFRS Accounting Standards in the region.

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

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