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IFRSs around the world - 5th IFRS policy forum for the Asia-Oceania region

 14 June 2011



Excerpt from the forum Communiqué as published on 24 May 2011, Bali, Indonesia

 

The Indonesian Institute of Accountants hosted the 5th IFRS International Forum in Kuta, Bali
on the 23rd and 24th of May 2011. This international event has previously been held in
Sydney, Tokyo, Beijing, and Singapore and in 2011 was held in Bali with 300 participants
from 21 jurisdictions in the Asia-Oceania region.

The event was inaugurated by the Vice President of the Republic of Indonesia, Prof. Dr. Boediono, accompanied by the Vice Finance Minister of the Republic of Indonesia, Dr. Anny Ratnawati, Prof. Dr. Mardiasmo (Chairman of Indonesian Institute of Accountants), Mr. Ito Warsito (Chairman of the 5th IFRS Regional Policy Forum Steering Committee), and Mr. Jeffrey Lucy (Trustee Member of IFRS Foundation).

Participants from 21 jurisdictions represented the constituent bodies of accounting
standards setters, central banks, money market regulators, tax regulators, government and
stock exchanges. The 21 jurisdictions delegates attending this forum were Australia, New
Zealand, Malaysia, Japan, China, Hong Kong, Singapore, Korea, Pakistan, Cambodia, India,
Indonesia, Philippines, UK, USA, Iraq, Macau, Myanmar, Brunei Darussalam, Thailand and
Maldives. Chairman of IASB Sir David Tweedie as well as other IASB Members, Warren
McGregor and Tatsumi Yamada also attended this event.

Many jurisdictions in the Asia-Oceania region will be converging with the International
Financial Reporting Standards (IFRS) over coming years. Some jurisdictions have already
adopted the IFRS since 2005, while others such as Malaysia, Indonesia and Singapore haveset the year 2012 as the target year for the full adoption/convergence of IFRS. The 2011 year is the crucial year for these jurisdictions moving to IFRS, as it is the year of final
preparation. Accordingly, regulators and accounting standard setters in the region face
challenges in adopting the international standards.

The IFRS Regional Policy Forum was intended to bring together policy makers, regulators and national standards setters from jurisdictions in different stages of their IFRS adoption
roadmap to share and learn from one another's experiences in adopting the global
standards, both the challenges faced and in taking advantage of opportunities offered.

For the full Communiqué, click here [PDF].