Asian-Oceanian Standard-Setters Group (AOSSG)

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This section contains the latest news from the AOSSG, information of relevance to the media, including media releases.

13 Feb. 2017

The Asian-Oceanian Standard-Setters Group (AOSSG) today published an update to its work performed in 2014 on financial reporting practices of 132 Islamic financial institutions (IFIs) in 31 jurisdictions around the world.

The update noted an increase by 2% (2016: 48%; 2014: 46%) in the number of samples that asserted compliance with IFRS. There were no changes to the remaining samples that asserted compliance with financial accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and local reporting framework. In addition, there were no significant changes in the financial reporting practices of ijarah, customer investment accounts and recognition and measurement of finance income.


2 Feb. 2017

The eighth Annual AOSSG Meeting was held on 29-30 November 2016 in Wellington, New Zealand, hosted by the External Reporting Board (XRB) of New Zealand.

Key delegates from 16 member jurisdictions from Australia, Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Macao, Malaysia, Nepal, New Zealand, Philippines, Singapore, Sri Lanka, Thailand and Vietnam, as well as the IASB and the IFRS Foundation were present at the meeting.

The communiqué for the November 2016 Annual AOSSG Meeting is available here.


18 Nov. 2016

AOSSG member jurisdictions and a number of IASB members will participate in the AOSSG's annual meeting in Wellington, New Zealand.


4 Nov. 2016

The AOSSG has submitted its comment letter on the IASB Exposure Draft ED/2016/1 Definition of a Business and Accounting for Previously Held Interests.


4 Oct. 2016

Former AOSSG Chair appointed as Chair of Islamic Finance Consultative Group

The International Accounting Standards Board (IASB) recently appointed Mr. Mohammad Faiz Azmi, former Chair of the Asian-Oceanian Standard-Setters Group (AOSSG) and Malaysian Accounting Standards Board, as Chair of the Islamic Finance Consultative Group. He is the Executive Chairman of PwC Malaysia and has been a member of the Islamic Finance Consultative Group since it was established.

The Islamic Finance Consultative Group is an advisory group to the IASB focussing on challenges that may arise when IFRS Standards are applied to Islamic financial instruments and transactions.

More details of this news are available on the IASB website.


5 Sep. 2016

The AOSSG has submitted its comment letter on the IASB Exposure Draft Trustees' Review of Structure and Effectiveness: Proposed Amendments to the IFRS Foundation Constitution.


22 Mar. 2016

The AOSSG has submitted its comment letter on the IASB Exposure Draft ED/2015/9 Transfers of Investment Property: Proposed amendment to IAS 40.


8 Mar. 2016

The AOSSG has submitted its comment letter on the IASB Exposure Draft ED/2015/8 IFRS Practice Statement: Application of Materiality to Financial Statements.


24 Feb. 2016

The AOSSG has submitted its comment letter on the IASB Exposure Draft ED/2015/11 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts.


5 Feb. 2016

IASB Accounting Standards Advisory Forum - December 2015

On 7-8 December 2015, the AOSSG Chair, Dr. Jee In Jang; AOSSG member standard-setters: Ms Kris Peach, Chair of the Australian Accounting Standards Board (AASB) and Member of the New Zealand Accounting Standards Board (NZASB); Mr Jianqiao Lu, Director of the Accounting Regulatory Department, Ministry of Finance China; and Mr Yukio Ono, Chairman of the Accounting Standards Board of Japan; and eight other ASAF members met with IASB representatives in London.

The ASAF discussed:

  • members' input on AASB-KASB joint research project on IFRS Implementation: Accounting Judgments on Terms of Likelihood in IFRS: Korea and Australia;
  • members' initial views on Disclosure Initiative–draft Materiality Practice Statement;
  • members' input on the paper prepared by the Accounting Standards Board of Japan (ASBJ)–Recognition Criteria in the Conceptual Framework;
  • members' input on the IASB's research project on post-employment benefits;
  • members' views on the forthcoming Exposure Draft relating to different effective dates of IFRS 9 and the new Insurance Contracts Standard;
  • members' input on the paper prepared by the Hong Kong Institute of Certified Public Accountants (HKICPA) that addressed practice for accounting for business combinations under common control (BCUCC) and also members' input on the IASB staff paper on how the predecessor method should be applied for a BCUCC transaction;
  • members' input on the role of Post-implementation Reviews (PIRs); and
  • members' views on the proposal presented by the EFRAG for the scope of the IASB's project on the equity method of accounting.

A summary of this ASAF meeting is available on the IASB website.


29 Jan. 2016

The AOSSG has submitted its comment letter on the Draft IFRIC Interpretation 2015/1 Uncertainty over Income Tax Treatments.


18 Jan. 2016

The seventh Annual AOSSG Meeting was held on 25-26 November 2015 in Seoul Korea, hosted by the Korea Accounting Standards Board as the member organisation chairing the AOSSG.

Key delegates from 19 member jurisdictions from Australia, Cambodia, China, Hong Kong, India, Indonesia, Iraq, Japan, Korea, Macao, Malaysia, New Zealand, Pakistan, Saudi Arabia, Singapore, Sri Lanka, Syria, Thailand and Vietnam, as well as the IASB and the IFRS Foundation were present at the meeting.

The communiqué for the November 2015 Annual AOSSG Meeting is available here.


31 Dec. 2015

The AOSSG has submitted its comment letter on the IASB Request for Views: 2015 Agenda Consultation.


8 Dec. 2015


4 Dec. 2015

The AOSSG has submitted its comment letter on the IASB ED/2015/6 Clarifications to IFRS 15.


13 Nov. 2015

AOSSG member jurisdictions and a number of IASB members and IASB staff will participate in the AOSSG’s annual meeting in Seoul.


20 Oct. 2015

The AOSSG has submitted its comment letter on the IASB ED/2015/7 Effective Date of Amendments to IFRS 10 and IAS 28.


12 Oct. 2015

IASB Accounting Standards Advisory Forum - October 2015

On 1-2 October 2015, the AOSSG Chair, Mr Clement Chan; AOSSG member standard-setters: Ms Kris Peach, Chair of the Australian Accounting Standards Board (AASB) and Member of the New Zealand Accounting Standards Board (NZASB); Mr Jianqiao Lu, Director of the Accounting Regulatory Department, Ministry of Finance China; and Mr Yukio Ono, Chairman of the Accounting Standards Board of Japan; and eight other ASAF members met with IASB representatives in London.

The ASAF discussed:

  • the feedback received from the IASB's World Standard Setter conference in relation to the 2015 Agenda Consultation and the proposed revisions to the IASB's conceptual framework;
  • the implications of the proposed revisions to the IASB's conceptual framework for the IASB's project on Rate-regulated Activities;
  • members' initial views on the IASB's proposed clarifications to IFRS 15 Revenue from Contracts with Customers;
  • members' input on the IASB's project on Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value;
  • members' views on the IASB staff's proposed accounting methods for pollutant pricing mechanisms; and
  • members' views on the IASB staff's proposed changes to the equity method of accounting.

A summary of this ASAF meeting is available on the IASB website.


6 Oct. 2015

International Forum of Accounting Standard Setters - September 2015

The International Forum of Accounting Standard Setters took place on 28-29 September 2015 in London. 69 delegates comprising national and regional standard-setters, including AOSSG member standard-setters from Australia, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan and Singapore, and other interested parties attended the meeting.

The meeting discussed, among other things, the national standard-setters' projects such as goodwill and impairment, the statement of cash flows, reporting income and expenses in profit or loss or OCI, as well as topical issues on core inventories and the accounting for non-traditional financing arrangements.

Mr Clement Chan, AOSSG Chair, provided an update on the AOSSG’s activities for the last five months, including an update on the AOSSG's building regional capacity initiative.


5 Oct. 2015

World Standard Setters conference - September 2015

AOSSG members attended the IASB's World Standard Setters conference that took place on 28-29 September 2015 in London. The conference discussed the IFRS Trustees' request for views on the Foundation's structure and effectiveness, and aspects of the IASB's proposed revisions to its conceptual framework. The conference also held parallel education sessions on IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers, and the forthcoming standards on insurance contracts and leases.


30 Sep. 2015

Interim AOSSG Meeting

AOSSG member standard-setters from Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan and Singapore met in the afternoon of 27 September 2015 in London with IASB members and staff. The closed meeting discussed the AOSSG’s preliminary views on the IASB's conceptual framework and clarifications to IFRS 15 exposure drafts as well as the IASB's 2015 agenda consultation.


17 Sep. 2015

The AOSSG commented on the IASB's recent discussion in addressing the consequences arising from different effective dates of IFRS 9 Financial Instruments and the upcoming insurance standard.


28 Jul. 2015

ASAF meeting July 2015

The IASB held its ninth Accounting Standards Advisory Forum (ASAF) meeting on 16-17 July 2015 in London with its revised membership. Click here for more details on the revised ASAF membership.

The AOSSG Chair, Mr Clement Chan; AOSSG member standard-setters: Ms Kris Peach, Chair of the Australian Accounting Standards Board (AASB) and Member of the New Zealand Accounting Standards Board (NZASB); Mr Jianqiao Lu, Director of the Accounting Regulatory Department, Ministry of Finance China (MOFC); and Mr Yukio Ono, Chairman of the Accounting Standards Board of Japan; and eight other members of the IASB's ASAF participated at the meeting.

The ASAF discussed:

  • the AASB and NZASB's ideas for the release pattern of the contractual service margin and the modification of the accounting policy choice for presenting the effect of changes in discount rates in profit or loss or other comprehensive income;
  • members' initial views on the recognition and derecognition proposals that are included in the IASB's Conceptual Framework exposure draft, and EFRAG's paper on the distinction between profit or loss and other comprehensive income;
  • members' views on the existing/possible problems with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and the objectives and strategies of the IASB's research project that aims to improve IAS 37;
  • members' views on the content of the IASB's forthcoming discussion paper on the Principles of Disclosures;
  • members' views on the IASB's tentative decisions on the approach to its project on Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging;
  • the MOFC's proposed model for the accounting of emissions trading and members' views on the IASB staff's findings on the present accounting approaches for cap-and-trade schemes;
  • members' views on the IASB's tentative decisions from its May 2015 meeting in relation to rate-regulated activities; and
  • members' views on the next steps of the IASB's project on Discount Rates.

The ASAF also received an update on the IASB's forthcoming exposure draft on the clarifications to IFRS 15 Revenue from Contracts with Customers, the IASB's standard-setting and research agendas, and the IASB's proposed future ASAF agendas.

A detailed summary of this ASAF meeting will be published shortly on the IASB website.


9 Jul. 2015

The AOSSG has submitted its comment letter on the IASB ED/2015/2 Effective Date of IFRS 15.


26 Jun. 2015

Reappointment to the IASB Accounting Standards Advisory Forum

The AOSSG, along with its members: the Accounting Standards Board of Japan; the Australian Accounting Standards Board (who will work closely with the New Zealand Accounting Standards Board to provide a collective Australia and New Zealand view); and the Chinese Accounting Standards Committee have been reappointed as members of the IASB's next Accounting Standards Advisory Forum (ASAF).

The AOSSG’s reappointment on ASAF is a recognition of the hard work of our members as a group and the AOSSG’s contributions to the work of the IASB.  The AOSSG's ASAF Working Party and its secretariat, and AOSSG's Working Group Leaders, will continue to support the AOSSG representative on ASAF.

Membership of the ASAF was announced by the Trustees of the IFRS Foundation


12 Jun. 2015

The AOSSG has submitted its comment letter on the IASB ED/2015/1 Classification of Liabilities (Proposed amendments to IAS 1).


9 Jun. 2015

The AOSSG has reapplied for membership of the IFRS Foundation’s Accounting Standards Advisory Forum.


2 Jun. 2015

Joint HKICPA and IFRS Foundation IFRS Conference, 12 – 13 October 2015

The Hong Kong Institute of CPAs (HKICPA) and the IFRS Foundation will jointly host an IFRS Conference on 12-13 October at the JW Marriott Hotel, Hong Kong.

The conference will focus on live implementation plans for IFRS 9 Financial Instruments from the perspective of both financial and non-financial institutions, IFRS 15 Revenue from Contracts with Customers and the upcoming standards on leases and insurance contracts, as well as discussion on the need and methods for better disclosures and on cross-cutting implications of IFRS measurements.

At the event, IASB Chairman, Vice Chairman and Members will also give an update on active projects and future plans in financial reporting, covering conceptual framework, macro hedging, rate-regulated activities, implementation projects and research projects.

Following the conference, a half-day workshop on implementing the IFRS for SMEs will be held on 13 October afternoon, which will cover case studies of the IFRS for SMEs application in Hong Kong.

Click here for the conference and workshop details, and register by 30 July to enjoy the early bird discount.

Enquiries and registration: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


14 May. 2015

The AOSSG has submitted its comment letter on the IASB ED/2014/6 Disclosure Initiative: Proposed amendments to IAS 7.


22 Apr. 2015

The IASB held its eight Accounting Standards Advisory Forum (ASAF) meeting on 26-27 March 2015 in London. The AOSSG Chair, Mr Clement Chan; AOSSG member standard-setters: Ms Kris Peach, Chair of the Australian Accounting Standards Board; Mr Guangzhong Liu and Mr Jianqiao Lu, respectively the Director-General and Director of the Accounting Regulatory Department, Ministry of Finance China; and Mr Yukio Ono, Chairman of the Accounting Standards Board of Japan (ASBJ); and seven other members of the IASB's ASAF participated at the meeting.

The ASAF discussed:

  • the ASBJ's views on the different measurement bases proposed for the Conceptual Framework and the information that those measurement bases provide;
  • the ASBJ's views on the use of OCI for the presentation of unearned profits in relation to contractual service margins, and the transition relief on initial application of the new Insurance Contracts standard after the implementation of IFRS 9 Financial Instruments;
  • the IASB’s recommendations arising from the Post-implementation Review of IFRS 3 Business Combinations;
  • the role of the primary financial statements and the IASB's materiality practice statement under the Disclosure Initiative project;
  • the historical and current accounting practice in Canada for business combinations under common control (BCUCC), the IASB's findings from its BCUCC outreach and IASB staff's proposed accounting for specific types of BCUCC transactions;
  • the scope, and examples and consequences of the IASB's Financial Instruments with Characteristics of Equity project;
  • the developments of the joint IASB/FASB Revenue Transition Resource Group, including ASAF members' views on the deferral of IFRS 15 Revenue from Contracts with Customers;
  • the IASB's proposed approach in addressing the issues identified with the equity method of accounting; and
  • the next steps of the Leases project.

A detailed summary of this ASAF meeting will be published shortly on the IASB website.


19 Mar. 2015

AOSSG Strategic Plan 2015 - 2019

The AOSSG has published its strategic plan for 2015-2019. This papers describes the key AOSSG activities as well as other activities that will be considered in the following years.

AOSSG Office Bearer News

The AOSSG congratulates Mr Djohan Pinnarwan for his appointment as incoming Chair of the Indonesian Financial Accounting Standards Board (Dewan Standar Akuntansi Keuangan – DSAK IAI). AOSSG members look forward to working with Mr Pinnarwan in his new role with the aim of continuing to promote improved financial reporting within Asia-Oceania.

At the same time, AOSSG members express their utmost gratitude to Ms Rosita Uli Sinaga, the outgoing Chair of DSAK IAI, for her contributions to the AOSSG over her term at the DSAK IAI. AOSSG members have had great pleasure in working with Ms Sinaga and are very grateful for her support of AOSSG activities.


11 Mar. 2015

The AOSSG has published its findings on a study of the financial statements of 132 Islamic financial institutions (IFIs) from 31 jurisdictions.

Of the sampled IFIs, 46% stated compliance with International Financial Reporting Standards (IFRS), 18% with financial accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and most of the remaining samples complied with a local reporting framework.

Regardless of the standards complied with, the study noted differing treatments in three main areas: ijarah, customer investment accounts and recognition and measurement of finance income.

The study also found that in some cases a market regulator or central bank may over-ride a requirement determined by an accounting standard-setter.

The study concluded that AOSSG may need to engage with regulators and central banks to promote the use of IFRS by IFIs.


16 Feb. 2015

The Korea Accounting Review International Symposium (KARIS), co-hosted by the Korean Accounting Association (KAA) and the Korea Accounting Standards Board (KASB), will be held in Seoul on 31 March 2015. At this symposium, participants will have an opportunity to discuss the effects of IFRS adoption, accounting information and firm value.

Speakers include Hans Hoogervorst, chairman of the IASB, James Ohlson, professor at New York University and world renowned scholar in valuation, and other prominent presenters from Japan and Taiwan.

  • Time and Date: 2pm - 6pm, Tuesday 31 March, 2015
  • Venue: Conference Room, 2/F, Financial Supervisory Service

    (38 Yeoui-daero, Youngdeungpo-gu, Seoul, 150-743)

  • Organizer: Korean Accounting Association (KAA) & Korea Accounting Standards Board (KASB)
  • Sponsor: Financial Supervisory Service (FSS) & The Korea Economic Daily

More details on the symposium are available here.

If you have queries about the symposium, please contact:

Hyejung Lee ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it )
Won-Hee Han ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it )


30 Jan. 2015

The AOSSG has submitted its comment letter on the IASB DP/2014/2 Reporting the Financial Effects of Rate Regulation.


30 Jan. 2015

The AOSSG has submitted its comment letter on the IASB ED/2014/4 Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value.


23 Dec. 2014

The IASB held its seventh Accounting Standards Advisory Forum (ASAF) meeting on 4-5 December 2014 in London. The AOSSG Chair, Mr Clement Chan; AOSSG member standard-setters: Ms Kris Peach, Chair of the Australian Accounting Standards Board; Mr Guangzhong Liu and Mr Jianqiao Lu, respectively the Director-General and Director of the Accounting Regulatory Department, Ministry of Finance China; and Mr Yukio Ono, Chairman of the Accounting Standards Board of Japan; and seven other members of the IASB's ASAF participated at the meeting.

The ASAF discussed:

  • accounting issues associated with the equity method for the IASB's consideration when pursuing its research project on the topic;
  • ASAF members' preliminary views on the IASB's Discussion Paper in relation to Rate-Regulated Activities;
  • ASAF members’ views on the presentation of cash paid on capital expenditure, the presentation of interest in the cash flow statement, and line item disclosures;
  • accounting issues associated with emission trading schemes (ETS) in ASAF members' jurisdictions or regions for the IASB's consideration when pursuing its ETS research project;
  • the scope and approach of the IASB's post-employment benefit research project, particularly on 'contribution-based promises';
  • a proposal by the Group of Latin American Standard Setters on the recognition of high inflation effects on financial statements;
  • the IASB’s recent tentative decisions on the Leases and the Insurance Contracts projects;
  • how national standard-setters could contribute to the debate of foreign currency translation. IASB staff acknowledged plans to use the Korea Accounting Standards Board's research papers on the topic when they undertake the research project;
  • the next steps for the IASB's Dynamic Risk Management project; and
  • the current IASB work plan and the focus of the 2015 IASB agenda consultation.

A detailed summary of this ASAF meeting will be published shortly on the IASB website.


22 Dec. 2014

The AOSSG has submitted its comment letter on the IASB ED/2014/3 Recognition of Deferred Tax Assets for Unrealised Losses.


22 Dec. 2014

The AOSSG has submitted its comment letter on the IASB DP/2014/1 Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging.


19 Dec. 2014

The sixth Annual AOSSG Meeting was held on 26-27 November 2014 in Hong Kong, hosted by the Hong Kong Institute of Certified Public Accountants as the member organisation chairing the AOSSG.

Key delegates from 18 member jurisdictions from Australia, Brunei, Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Macao, Malaysia, Nepal, New Zealand, Pakistan, Singapore, Sri Lanka, Syria and Vietnam, as well as the IASB and the IFRS Foundation were present at the meeting.

The communiqué for the November 2014 Annual AOSSG Meeting is available here.


15 Dec. 2014

The AOSSG's IFRS Centre of Excellence (COE) for a Developing Country Working Party has accomplished its targeted activities after two years for establishing a pilot IFRS COE initiative in Nepal.

Those activities involve a review of the standard-setting processes and capacity of the Accounting Standards Board, Nepal and a series of Train-the-Trainer (TTT) programs in Kathmandu.

More details on the outcomes of the review and TTT programs are available here.


6 Nov. 2014

AOSSG member standard-setters from Australia, Hong Kong, India, Indonesia, Iraq, Japan, Korea, Malaysia, New Zealand, Pakistan, Singapore and Syria met briefly with members and staff of the IASB on the afternoon of 28 September 2014 in London.

The meeting mainly discussed AOSSG members’ preliminary views on the IASB’s tentative decisions in relation to the Conceptual Framework and Insurance Contracts projects, and the IASB Discussion Paper Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging.


6 Nov. 2014

The AOSSG congratulates Ms Kris Peach for her appointment as incoming Chair of the Australian Accounting Standards Board (AASB). Ms Peach was previously involved in AOSSG activities during her term as Deputy Chair of the AASB (2011-2013). AOSSG members look forward to continuing to work with Ms Peach in her new role with the aim of continuing to promote high quality financial reporting within Asia-Oceania.

At the same time, AOSSG members express their utmost gratitude to Mr Kevin Stevenson, the outgoing AASB Chairman, for his contributions to the AOSSG particularly during his term as the AOSSG Chair (November 2011-2013). AOSSG members have had great pleasure in working with Mr Stevenson and are very grateful for his leadership and support of AASB's contribution to the AOSSG.


30 Oct. 2014

On 25-26 September 2014, the AOSSG Chair, Mr Clement Chan; AOSSG member standard-setters: Mr Angus Thomson, Acting-Chairman of the Australian Accounting Standards Board; Mr Guangzhong Liu and Mr Jianqiao Lu, respectively the Director-General and Director of the Accounting Regulatory Department, Ministry of Finance China; and Mr Yukio Ono, Chairman of the Accounting Standards Board of Japan; and eight other members of the IASB Accounting Standards Advisory Forum (ASAF) met with representatives of the IASB in London.

The ASAF discussed:

  • ASAF members’ views on the next steps of the Disclosure Initiative project, specifically in relation to Principles of Disclosure, Amendments to IAS 1, and Materiality;
  • ASAF members' views on participating features in insurance contracts and the practical issues relating to transition;
  • the feedback received in relation to: the respective IASB and FASB post-implementation reviews (PIR) on business combinations; a research paper prepared by EFRAG, and the Italian and Japanese national standard-setters on goodwill and amortisation; a survey conducted by the UK Financial Reporting Council on intangible assets and amortisation; and ASAF members’ views on the next steps of the IASB’s PIR;
  • ASAF members’ views on the IASB’s tentative decisions on the Conceptual Framework project, specifically in relation to the measurement chapter;
  • the IASB’s recent tentative decisions on the Leases project;
  • the scope of the IASB Equity/Liabilities research project; and
  • local issues relating to the determination of an appropriate discount rate.

 

A detailed summary of this ASAF meeting is available on the IASB website.


30 Jul. 2014

The AOSSG has submitted its comment letter on the IASB ED/2014/1 Disclosure Initiative: Proposed Amendments to IAS 1.


23 Jul. 2014

The AOSSG has submitted its comment letter on the IASB Request for Information Post-Implementation Review of IFRS 3 Business Combinations.


8 Jul. 2014

In November 2012, the Accounting Standards Board, Nepal (ASB) and the AOSSG agreed to establish a two-year pilot IFRS Center of Excellence (IFRS CoE) in Kathmandu, Nepal, as part of the AOSSG's initiative to building regional standard-setting capacity. The purpose of the IFRS CoE is consistent with the AOSSG’s objectives; including, in particular, promoting the adoption of, and convergence with, IFRSs by jurisdictions in the region.

One of the initiatives of the IFRS CoE in Nepal is a review of the processes employed by the ASB in setting standards to identify areas in which improvements could be suggested.  The AOSSG's Report on Standard-Setting Capacity in Nepal outlines the observations from the review and provides recommendations based on the experience of other AOSSG members that may help develop further the ASB's standard-setting capacity.

Other initiatives of the IFRS CoE in Nepal, for example, the train-the-trainer sessions for members, staff and selected people of the ASB are underway.


4 Jul. 2014

AOSSG members participated in a series of meetings in Tokyo on 5 - 6 June 2014.

Meeting with the IASB

A meeting between AOSSG members from Hong Kong, Japan, Korea, Malaysia, New Zealand and Singapore and IASB representatives was held on 5 June 2014 in Tokyo.

AOSSG members provided input on their findings on the implementation of IFRS 3 Business Combinations. Common implementation challenges highlighted by members include the following:

  • The distinction between an asset purchase and a business combination can be difficult to determine in particular industries (for example, real estate, mining and agricultural activities);
  • The identification of intangible assets separately from goodwill and determining the fair value of those intangible assets;
  • The practical and cost/benefit issues involving the subsequent measurement of goodwill and intangible assets with indefinite lives acquired in a business combination; and
  • The lack of guidance on how to prepare information such as, paragraph B64(q)(ii) of IFRS 3 requires disclosure of revenue and profit or loss of the combined entity for the current reporting period as if the transaction had taken place at the beginning of the year.  Some members also question the usefulness of providing this information in the financial report.

In addition, the meeting discussed the latest developments of the IASB projects such as IFRS 15 Revenue from Contracts with Customers, IFRS 9 Financial Instruments, leases, conceptual framework and agriculture (bearer plant).

IFRS Seminar

The Accounting Standards Board of Japan and the Asia-Oceania office of the IFRS Foundation hosted an IFRS Seminar on 6 June 2014 in Tokyo to discuss recent IASB activities. The seminar was attended by securities regulators, representatives of Japanese entities and AOSSG member standard-setters from Hong Kong, Japan and Korea. The seminar covered topics such as IFRS 15 Revenue from Contracts with Customers, IFRS 9 Financial Instruments, leases and macro hedge accounting. The role of the IFRS Interpretations Committee was also discussed at the seminar. The AOSSG Chair, Mr. Clement Chan, who attended the seminar, highlighted the AOSSG's current and ongoing activities, and explained how AOSSG members work together with an aim of continuing to promote improved financial reporting within the Asia-Oceania region. 

For more information, please see the press release (link) on the IASB's website.


16 Jun. 2014

The IASB held its 5th Accounting Standards Advisory Forum (ASAF) on 2-3 June 2014 in London. Mr Clement Chan, Chair of the AOSSG; Mr Kevin Stevenson, Chairman of the Australian Accounting Standards Board; Mr Guangzhong Liu and Mr Jianqiao Lu, respectively Director-General and Director of the Accounting Regulatory Department, Ministry of Finance China; Mr Yukio Ono, Chairman of the Accounting Standards Board of Japan; and eight other members of the IASB's ASAF participated at the meeting.

The ASAF discussed:

  • the scope and direction of the IASB's research projects on Equity Method of Accounting and Business Combinations Under Common Control;
  • the use of a business model notion in the Conceptual Framework;
  • the need to discuss executory contracts in the Conceptual Framework;
  • ASAF members' views on the staff proposed accounting for participating features in insurance contracts;
  • ASAF members' initial views on the IASB Discussion Paper Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging; and
  • how the recent or current initiatives for presentation and disclosure in ASAF members' jurisdictions can inform the scope and prioritisation of the IASB’s projects on Principles of Disclosure and Materiality that form part of the Disclosure Initiative.

A detailed summary of this ASAF meeting will be published on the IASB website shortly.


11 Jun. 2014

The AOSSG congratulates Mr Yukio Ono for his appointment as incoming Chair of the Accounting Standards Board of Japan (ASBJ). AOSSG members look forward to working with Mr Ono in his new role with the aim of continuing to promote improved financial reporting within Asia-Oceania.

At the same time, AOSSG members express their utmost gratitude to Mr Ikuo Nishikawa, the outgoing ASBJ Chairman, for his contributions to the AOSSG over his term at the ASBJ and as the AOSSG Chair in 2010/2011. AOSSG members have had great pleasure in working with Mr Nishikawa and are very grateful for his leadership and support of ASBJ's contribution to the AOSSG.


29 Apr. 2014

The Malaysian Accounting Standards Board (MASB) in collaboration with the IFRS Foundation and the Malaysian Institute of Accountants (MIA) is conducting a two-day workshop on the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) issued by the International Accounting Standards Board (IASB) in July 2009. The workshop will be held on 30 June and 1 July 2014 at Hotel Le Meridien Kuala Lumpur, 2 Jalan Stesen Sentral , Kuala Lumpur Sentral, 50470 Kuala Lumpur, Malaysia.

In February 2014, the MASB issued a new financial reporting framework for private entities called the Malaysian Private Entities Reporting Standards (MPERS) which is word-for-word the IFRS for SMEs except for the requirements on income tax and property development activities and some terminology differences. The MPERS takes effect for financial statements for periods beginning on or after 1 January 2016.

The workshop will provide an insight for private entities into the requirements for IFRS for SMEs and will be helpful for those seeking to develop their capacity to provide subsequent training to others on MPERS or IFRS for SMEs.

Please click on this link for further details on the workshop and registration.


15 Apr. 2014

The AOSSG congratulates Dr Steve Lim on his appointment to the IFRS Advisory Council from 1 April 2014.

Dr Lim served as the Chair and Vice-Chair of the Korea Accounting Standards Board (KASB) and as the Vice-Chair of the AOSSG, and was a keen participant in AOSSG activities. During that time, AOSSG members have had great pleasure in working with Dr Lim and acknowledge his leadership and support of KASB’s contributions to the AOSSG.

Further information regarding Dr Lim’s appointment is available at the IASB website.


9 Apr. 2014

The AOSSG has resubmitted its comment letter on the IASB ED/2013/9 IFRS for SMEs: Proposed amendments to the International Financial Reporting Standard for Small and Medium-sized Entities that supersedes an earlier letter dated 25 March 2014.


2 Apr. 2014

The IFRS Foundation, with the Singapore Accounting Standards Council (ASC) as the strategic partner, is holding the Asia-Oceania IFRS Conference in Singapore at the Marina Bay Sands Hotel on 29 and 30 May 2014.

The conference brings together leaders in financial reporting from the private sector, regulatory bodies and members of the International Accounting Standards Board (IASB) and the Singapore ASC, as well as accounting professionals and others with an interest in International Financial Reporting Standards.

The conference offers a unique opportunity to be updated by members of the IASB on its active projects as well as on its future plans. IASB members will set out how they are responding to the feedback received, and how they expect the IASB work plan to evolve.

Please click on this link for further details on the conference and registration.


18 Mar. 2014

The AOSSG Chair, Mr Clement Chan, and other AOSSG member standard-setters participated in a series of meetings and conferences from 3-9 March 2014. Read More


17 Mar. 2014

The AOSSG congratulates Dr Jee In Jang and Mr Sungsoo Kwon for their respective appointments as incoming Chair and Vice-Chair of the Korea Accounting Standards Board (KASB), and accordingly welcomes Dr Jang to his role as AOSSG Vice-Chair.  AOSSG members look forward to working with Dr Jang and Mr Kwon in their new roles with the aim of continuing to promote improved financial reporting within Asia-Oceania.

Further information regarding Dr Jang's and Mr Kwon's appointments are available at the KASB website.

At the same time, AOSSG members express their utmost gratitude to Mr Steve Lim and Mr Chanhong Kim, the outgoing KASB Chairman and Vice-Chairman respectively, for their contributions to the AOSSG over their terms at the KASB.  AOSSG members have had great pleasure in working with Messrs Lim and Kim and are very grateful for their leadership and support of KASB's contribution to the AOSSG.

The HKICPA, represented by Mr Clement Chan, President of the Hong Kong Institute of Certified Public Accountants (HKICPA), and the KASB were ratified as the new AOSSG Chair and Vice-Chair respectively as at the 2013 Annual AOSSG Meeting for two-year terms.


7 Mar. 2014

The AOSSG has published the results of a survey on the accounting standards applied to transactions involving Islamic finance among jurisdictions in the Middle East and North Africa. The survey builds on an earlier survey, the results of which we're published in 2011, that was conducted by the AOSSG through it's Working Group on Financial Reporting relating to Islamic Finance.


13 Feb. 2014

The AOSSG has commented on the IASB ED/2013/10 Equity Method in Separate Financial Statements.


24 Jan. 2014

The AOSSG has commented on the IASB DP/2013/1 A Review of the Conceptual Framework for Financial Reporting.


20 Dec. 2013

The Communique for the November 2013 annual AOSSG meeting is now available.


6 Nov. 2013

The AOSSG has commented on the IASB ED/2013/8 Agriculture: Bearer Plants.


28 Oct. 2013

The AOSSG has commented on the IASB ED/2013/7 Insurance Contracts.


8 Oct. 2013

The AOSSG has commented on the IASB ED/2013/6 Leases.


30 Jul. 2013

The AOSSG has commented on the IASB ED/2013/4 Defined Benefit Plans: Employee Contributions.


12 Jul. 2013

The AOSSG has commented on the IASB ED/2013/3 Financial Instruments: Expected Credit Losses.


3 May 2013

The AOSSG has commented on the IASB ED/2012/7 Acquisition of an Interest in a Joint Operation.


4 Apr. 2013


25 Mar. 2013


21 Mar. 2013

The AOSSG, along with its members: the Accounting Standards Board of Japan (ASBJ); the Australian Accounting Standards Board (AASB); and the Chinese Accounting Standards Committee (CASC) have been selected to serve on the new Accounting Standards Advisory Forum (ASAF) of the International Accounting Standards Board (IASB).

The AOSSG congratulates the ASBJ, AASB and CASC for their individual appointments.

The AOSSG is one of three regional accounting bodies, together with nine individual national standard-setters to be foundation members of the ASAF.

The ASAF will provide technical advice to the IASB and bring national and regional perspectives to key issues on the IASB’s current agenda. It is intended that ASAF views will be sought in the early stages of projects so as to obtain input that will help shape each project’s direction and content, as well as mitigate the risk of late term delays in completing projects and issuing standards.

The AOSSG’s selection for ASAF membership is a recognition of the hard work of the members from around the Asia-Oceania region and the AOSSG’s contributions to the work of the IASB.

The AOSSG has initiated the process of establishing a Working Party of AOSSG members to help gather the views of the broader AOSSG membership so that the region is well represented at the ASAF.  The Working Party is to be led by the Hong Kong Institute of Certified Public Accountants, the current AOSSG Vice-Chair that will also represent the AOSSG at the ASAF.

Membership of the ASAF was announced by the Trustees of the IFRS Foundation:
http://www.ifrs.org/Alerts/Governance/Pages/Trustees-announce-membership-of-ASAF-March-2013.aspx


28 Feb. 2013

The AOSSG has applied for membership of the IFRS Foundation’s Accounting Standards Advisory Forum.  Attachment B and Attachment C are documents related to the application.


20 Dec. 2012


13 Dec. 2012

On 28 and 29 November 2012, the fourth annual meeting of the Asian-Oceanian Standard-Setters Group (AOSSG) was held at the Soaltee Crowne Plaza, Kathmandu, Nepal.  The meeting was hosted by the Nepal Accounting Standards Board (NASB) and attended by 19 member standard-setters as well as representatives of the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Foundation.

The Communiqué for the fourth annual meeting of the AOSSG is now available.


21 Nov. 2012

The Fourth Annual AOSSG Meeting will be held next week 28-29 November 2012 at the Soaltee Crowne Plaza, Kathmandu, Nepal.

To register as an observer at the meeting please email the AOSSG Secretariat ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ) your name, organisation and which days you are attending the meeting (Day 1, Day 2 or both).

Members will be discussing recent developments in IFRS with members of the International Accounting Standards Board.  Meeting papers will be available on the AOSSG website by Wednesday, 21 November 2012.  Please bring your own papers (printed or electronic) to the meeting.


15 Nov. 2012

The AOSSG Chairman, Kevin Stevenson, attended the opening of the IFRS Foundation Asia-Oceania office in Tokyo today, together with a gathering of IFRS Foundation Trustees and IASB members.  Mr Stevenson noted that the office is a recognition of the importance of Asia-Oceania to the IASB and an IASB resource for the benefit of Japan and the AOSSG.

Read a leaflet about the Asia-Oceania office:


14 Sep. 2012

The AOSSG congratulates Mr Mitsuhiro Takemura on his appointment as the incoming Office Director of the IFRS Foundation’s Asia-Oceania liaison office. The office will be opened in October 2012 and is located in Tokyo, Japan.

Mr Takemura will be responsible for the operations of the Asia-Oceania liaison office, and assist the IFRS Foundation and the IASB in developing the liaison office into a regional research hub that will support the research and fact-finding activities of the IASB.

AOSSG members look forward to working with Mr Takemura in his liaison role with the aim of continuing to promote improved financial reporting within Asia-Oceania.

Further information regarding Mr Takemura’s appointment is available at the IASB website.


22 Aug. 2012

A tentative agenda is now available for the Fourth Annual Asian-Oceanian Standard-Setters Group Meeting, 28-29 November 2012. Read More


18 Jun. 2012

Toward a Measurement Framework for Financial Reporting by Profit-oriented Entities, by J.Alex Milburn, PhD, FCPA, has been published on the Canadian Institute of Chartered Accountants (CICA) website: www.cica.ca/measurement. The research paper proposes developing a measurement framework for financial reporting by profit-oriented entities that is based on fundamental premises about economic business purposes, financial reporting objectives, and the role of markets and market prices. The paper includes proposals that would have major implications for financial reporting measurement.

The CICA invites comments on this paper by 30 November 2012.  Those comments will be analysed and provided as input to the joint IASB/FASB Conceptual Framework Measurement project. Copies of the paper (approximately 115 pages) can be downloaded from the CICA website.

A blog: http://measurementframework.blogspot.ca/ is available to encourage open discussion of the paper and financial reporting measurement issues generally. In addition to sending comment letters to the CICA, all who have an interest in the improvement of financial reporting measurement are invited to participate in the blog discussions with questions, comments and ideas.


31 May. 2012

The IASB has welcomed “the resolution passed by the Pan African Federation of Accountants (PAFA) General Assembly, [that members should] adopt International Financial Reporting Standards (IFRSs) and the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).”

“The IASB acknowledges the resolution as a broad policy statement that requires action from the 39 constituent members of PAFA, which was established in May 2011 to accelerate the development of the accountancy profession in Africa. Whilst some PAFA members have already adopted IFRSs or are taking steps towards doing so, the Board hopes that the PAFA policy will encourage others to follow. Commenting on the decision, Hans Hoogervorst, Chairman of the IASB, said: “This is a very positive move by PAFA member states to work collectively for the adoption of both IFRSs and the IFRS for SMEs across Africa. By improving clarity and comparability for existing and prospective investors, I believe that our standards have the potential to be of substantial economic benefit across the continent.”


31 May. 2012

John O’Grady has been appointed to the IFRS Interpretations Committee for an initial three-year term from June 2012. He will join colleagues from other AOSSG jurisdictions in the IFRS Interpretations Committee: Feilong Li (China) and Joanna Perry (New Zealand).

John O’Grady is an Assurance Partner in Ernst & Young (EY), based in Hong Kong, China and Melbourne, Australia. He is a senior Partner in EY’s Asia Pacific Professional Practice Group where he has led the Asia Pacific IFRS Group since the formation of the Asia Pacific Area within EY in July 2010. Prior to that time he led the Oceania Area IFRS Group from 2005. John is also a member of EY's global IFRS Policy Committee, which is responsible for recommending EY policy around IFRS application, reporting and interpretation globally. John has overall responsibility for IFRS consultations and interpretations within EY across Asia Pacific, and leads a team of IFRS Professional Practice personnel across 22 countries. He is a graduate of University College Dublin and a Fellow of the Institutes of Chartered Accountants in Australia and in Ireland.


31 May. 2012

The IASB-FASB Roundtable on Revenue Recognition from Contracts with Customers held in Tokyo, 4 April 2012 was attended by the AOSSG Chair, Kevin Stevenson and AOSSG member standard setters, Ikuo Nishikawa, Chair and Atsu Kato, Vice Chair of Accounting Standards Board Japan. Topics of discussion included; performance obligations satisfied over time, onerous performance obligations and disclosure.


31 May. 2012

AOSSG Chair, Kevin Stevenson, took part in the IFRS Conference themed ‘Challenges & Opportunities’ was held 1-2 May, in Qassim of Saudi Arabia. This conference was particularly timely as the Saudi Organizations of CPA (SOCPA) announced, in the lead up to the conference, that it would be adopting IFRS for non-financial reporting entities. Financial institutions already apply IFRS. The objective of the conference was to explore challenges and opportunities when adopting IFRS.

AOSSG Chairman, Kevin Stevenson gave an International keynote address at the IFRS World Accounting Summit in Dubai, United Arab Emirates, 7 - 10 May 2012. Atsu Kato, Vice Chairman, Accounting Standards Board Japan and AOSSG member, presented on the Accounting Bodies Panel: What guidance and services have they been providing to their members through challenging times?

Peter Casey, Senior Director, Policy and Strategy, Head of Islamic Finance, Dubai Financial Services Authority and AOSSG member, presented on Islamic Finance – Is IFRS capturing the Sharia – Compliant Instrument Market session.

Mr Stevenson also met with various interested parties at the Dubai Financial Services Authority, an event organised by Peter Casey.

In April, 2012 Kevin Stevenson, presented a half day seminar on IFRS to members of the Institute of Chartered Accountants in Nepal. This included discussion of how Nepal might adopt IFRS. The event was organised by Pradeep Shrestha, Chairman, Accounting Standards Board Nepal and his Board.


3 Apr. 2012

The communique of the 6th IFRS Regional Policy Forum in Kuala Lumpur on 26-27 March 2012 is now available. The theme of the Forum was 'Convergence and Beyond, Navigating Change', and discussions were related to the future of financial reporting standards, transition to IFRS, and a framework for standard setters, regulators and auditors.


28 Mar. 2012

The Asian-Oceanian Standard-Setters Group (AOSSG) met on 25 March 2012 in Kuala Lumpur.  The informal meeting was attended by 15 member standard setters and representatives of the International Accounting Standards Board (IASB).

AOSSG members and IASB representatives discussed current issues being deliberated by the IASB and emerging issues that are affecting the Asia-Oceania region.  In addition, AOSSG members supported developing a proposal to establish an IFRS Centre of Excellence in a developing country within Asia-Oceania.

The media release for the informal AOSSG meeting is now available.


22 Mar. 2012

The AOSSG congratulates Dr Chungwoo Suh on his appointment as a member of the International Accounting Standards Board (IASB) commencing 1 July 2012 for an initial five-year term.

Dr Suh served as the Chair of the Korean Accounting Standards Board (KASB), and was an active participant in AOSSG activities from 2008 to 2011.  During that time, AOSSG members have had great pleasure in working with Dr Suh and acknowledge his leadership and support of KASB’s contributions to the AOSSG.

AOSSG members look forward to working with Dr Suh in his IASB role with the aim of continuing to promote improved financial reporting within Asia-Oceania.

Further information regarding Dr Suh’s appointment is available at the IASB website.


20 Mar. 2012

The AOSSG has commented on the IASB ED/2011/6 Revenue from Contracts with Customers.


20 Mar. 2012

The AOSSG has commented on the IASB ED/2011/6 Revenue from Contracts with Customers.


2 Feb. 2012

The AOSSG will hold an Informal Meeting co-hosted by the Malaysian Accounting Standards Board at the Shangri-La Kuala Lumpur Hotel on 25 March 2012, Sunday from 2:30PM to 5:30PM.

At the meeting, AOSSG members will discuss recent developments in active AOSSG and IASB projects with members of the International Accounting Standards Board (IASB).  Attendees at the meeting include IASB Vice-Chairman, a number of other IASB members and senior staff, and National Standard-Setters from throughout the region.


10 Jan. 2012

The AOSSG has commented on the IASB ED/2011/4 Investment Entities.


10 Jan. 2012

The AOSSG Islamic Finance Working Group has issued a publication of an AOSSG Survey – Accounting for Islamic Financial Transactions and Entities.


21 Dec. 2011

Professor Philip Brown, Professor University of New South Wales (UNSW) and Emeritus Professor University of Western Australia (UWA), spoke at the AOSSG gala dinner in Melbourne 23 November 2011. The dinner was attended by AOSSG members, IASB representatives, IFRS Foundation representatives, FRC members, AASB members and other members of the accounting profession.

Professor Brown’s speech titled Academics and Standard Setters: Partners or Protagonists? highlighted the need for closer collaboration between academics and standard setters in enhancing the debate on critical financial reporting issues internationally.


21 Dec. 2011

Photos from the third annual AOSSG meeting are now available.


30 Nov. 2011

On 23 and 24 November 2011, the third annual meeting of the Asian-Oceanian Standard-Setters Group (AOSSG) was held at the Park Hyatt in Melbourne, Australia.  The meeting was hosted by the Australian Accounting Standards Board (AASB) and attended by 21 member standard setters as well as representatives of the International Accounting Standards Board (IASB) and representatives of the International Financial Reporting Standards Foundation.

The Communiqué for the third annual meeting of the AOSSG is now available.


30 Nov. 2011

The AOSSG has commented on the IASB’s Request for Views Agenda Consultation 2011.


25 Nov. 2011

On 25 November 2011 Hans Hoogervorst, Chairman of the IASB, addressed the IFRS Foundation Conference, Melbourne, Australia.


23 Nov. 2011

On 23 November 2011 Lynn Wood, Chair of the Financial Reporting Council, addressed the AOSSG Annual Meeting, Melbourne, Australia.


20 Oct. 2011

The AOSSG has commented on IASB ED/2011/3 Mandatory Effective Date of IFRS 9.


31 Aug. 2011

The AOSSG has commented on a Discussion Paper Considering the Effects of Accounting Standards of the European Financial Reporting Advisory Group.


25 Jul. 2011

The AOSSG has commented on the Report of the IFRS Foundation Trustees: Setting a Strategy for the Foundation’s Second Decade.


4 Jul. 2011

The AOSSG has provided the IASB with some preliminary observations about recent IASB decisions on the Emission Trading Schemes project.


6 Jun. 2011

tentative agenda and conference information paper are now available for The Third Annual Asian-Oceanian Standard-Setters Group Meeting, 23-24 November 2011. Read More


12 May. 2011

The report of the National Standard Setters Meeting in New York, 24-25 March 2011, is now available. This and previous reports can be accessed via the following link: www.frc.org.uk/asb/about/nss.cfm


29 Apr. 2011

The AOSSG's submission to the IASB on Exposure Draft ED/2011/1 Offsetting Financial Assets and Financial Liabilities is now available.


13 Apr. 2011

The AOSSG's submission to the Monitoring Board on its Consultative Report on the Review of the IFRS Foundation’s Governance is now available.


1 Apr. 2011

The AOSSG's submission to the IASB Supplement to Exposure Draft ED/2009/12 Financial Instruments: Impairment is now available.


11 Mar. 2011

The AOSSG's submission to the IASB on ED/2010/13 Hedge Accounting is now available.


11 Mar. 2011

The AASB staff are leading a worldwide online survey of preparers, advisors, auditors and regulators on the initial accounting for intangible assets acquired under IFRS 3 Business Combinations and IAS 38 Intangible Assets (or similar GAAP). A separate, but similar, survey of users of financial statements is expected to be initiated in the near future. Read More


24 Feb. 2011

The AOSSG has commented on the IFRS Foundation Trustees' request for comment on strategic issues.


14 Feb. 2011

The AOSSG welcomes the announcement by the IFRS Foundation to establish its Asian-Oceanian liaison office.


Nov. 2010

Message from the Chairman and Vice-Chairman of the AOSSG November 2010.


14 Apr. 2010

The Chairman and Vice-Chairman of the AOSSG gave a presentation to the 14 - 15 April 2010 National Standards Setters meeting in Seoul, Korea.