This quarterly summary has been developed to help you 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.
In August IASB Chair Hans Hoogervorst visited Japan to exchange opinions with Japanese stakeholders, and gave a speech at a seminar held at the Keidanren Hall.
Hoogervorst opened with information about the adoption of IFRS Standards around the world and the fascinating approach that Japan has taken before moving on to technical information. On goodwill he said that staff research had uncovered the fact that under IFRS 3 Business Combinations the results of impairment tests is inevitably found too little and too late. As a result, the International Accounting Standards Board (Board) is discussing the reintroduction of amortisation in its forthcoming Discussion Paper on goodwill.
The Trustees of the IFRS Foundation, responsible for the governance and oversight of the Board, have appointed Guy Jones and Goro Kumagai to the IFRS Interpretations Committee.
On 29 June Mr Vu Duc Chinh, General Director of Accounting and Auditing Supervisory Department of the Ministry of Finance of Vietnam, visited the AO office. The department exchanged views with IFRS Trustee Joji Okada and Board Member Tak Ochi, as well as other Japanese stakeholders including the Financial Services Agency, Keidanren and the Tokyo Stock Exchange.
The Vietnamese Ministry of Finance continued their outreach, visiting London in July to meet with IASB Chair Hans Hoogervorst.
The Trustees of the IFRS Foundation met in London at the beginning of June, during which they discussed the nomination to replace three Trustees, including Joji Okada, whose terms end in December 2018. The new appointments will be released after the next Trustees Meeting in October 2018.
Recruitment to replace two Board Members, including Tak Ochi, whose terms end in June 2019, has been started. The new appointments will be released after the January 2019 Trustees Meeting.
AO office Director Makoto Takahashi had an introductory call to the Asia Oceania Standard Setters Group Chairman’s staff in Beijing in June, and in July Takahashi met IFRS Foundation staff in London. Later in July Takahashi took part in an introductory video conference with ASEAN Federation of Accountants Executive Director, and agreed to work towards an educational event in the ASEAN region.
At the beginning of May Mr Makoto Takahashi took over as Director of the IFRS Foundation Asia-Oceania office. For more details please click here.
Staff in the AO office are currently focusing on two on-going technical projects. One is Classification of Liabilities, which is a proposed amendment to IAS 1 Presentation of Financial Statements. The other is Updating a Reference to the Conceptual Framework (Amendments to IFRS 3).
The staff will be travelling to London in September to meet with IASB technical staff and Board members to discuss those projects. Two new projects are also planned to be assigned to the AO office in the autumn.