07 March 2018

IFRS Foundation Asia-Oceania office Q4 2017 news summary

This quarterly summary is developed to help you to stay up-to-date with events involving the IFRS® Foundation's Asia-Oceania office (AO office) in Tokyo, Japan—including workshops, conferences, discussions and consultations.

8/12/17-11/12/17: Participation in the 125th ASEAN Federation of Accountants (AFA) Council Meeting

International Accounting Standards Board (Board) Member Takatsugu Ochi attended the 125th AFA Council Meeting in December in Vientiane, Laos. At the meeting he gave a presentation on the IFRS for SMEs Standard, and took part in a panel discussion about IFRS transition in Laos. On 9 December, he gave a presentation on a range of projects the Board is currently working on at an IFRS workshop held by the Lao Chamber of Professional Accountants and Auditors (LCPAA).

Ochi also provided an update on the IFRS Foundation's activities, focusing on ASEAN, and participated in a discussion about the IFRS Foundation's collaboration with the AFA, the World Bank and other stakeholders.

More information about the AFA Council meeting can be found here.

At the World Bank Conference on 11 December, he delivered a keynote speech on the benefits of applying IFRS Standards in developing countries, chaired a panel discussion on "Sharing the experience of applying IFRS Standards" and held meetings with Laos' Ministry of Finance, Central Bank, Securities Commission and representatives of listed companies.

29/11/17-30/11/17: Participation in the 9th Annual Asian-Oceanian Standard-Setters Group (AOSSG) Meeting

AO office Director Mitsuhiro Takemura attended the 9th Annual AOSSG meeting in Hangzhou, China. Following an update on the Board's technical activities, a number of participating countries reported on standard-setting activities in their respective countries and gave presentations on several technical topics.

Prior to the annual meeting, an AOSSG working group was held on 28 November at which, following technical discussions on Financial Instruments with Characteristics of Equity and Business Combinations under Common Control, IASB staff member Joanna Yeoh gave an educational session on IFRS 17 Insurance Contracts, which was issued by the Board in May 2017.

27/11/17: Participation in the Three Countries Accounting Standards Setters’ Meeting - China, Japan, Korea

On 27 November, AO office Director Mitsuhiro Takemura and Board Members Chungwoo Suh and Jianqiao Lu attended the Three Countries Accounting Standards Setters' Meeting - China, Japan, Korea, held in Hangzhou, China. The focus of the meeting was to update participants on accounting standard developments in each of the three countries and discuss implementation rel="noopener noreferrer" issues.

You can read the communique from the meeting here.


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