This 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. It covers the 9 months from April 2020-December 2020.
Throughout 2020, the AO office supported the Board’s outreach to the Asia-Oceania region, focusing on the Primary Financial Statements and Goodwill and Impairment projects. The AO office hosted webinars on Exposure Draft General Presentation and Disclosures and Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment, with question-and-answer sessions for the participants. The AO office also helped publish educational materials for these projects.
The ASEAN Federation of Accountants (AFA) and the Association of Chartered Certified Accountants (ACCA) jointly hosted a webinar on the implementation of IFRS Standards in Cambodia, Laos, Myanmar and Vietnam (CLMV). The webinar gave the four jurisdictions a platform to discuss and learn about key issues and opportunities in the implementation of IFRS Standards. Board Member Rika Suzuki participated in the webinar and outlined how the Board and the IFRS Foundation support the implementation journey.
The Japanese Institute of Certified Public Accountants and Japan Foundation of Accounting Education and Learning hosted their annual IFRS Seminar. Due to covid-19 the seminar was held virtually. Chair of the Board Hans Hoogervorst delivered the keynote speech, Board Member Rika Suzuki delivered an update on the Board’s technical projects and Board Member Tom Scott discussed Management Commentary. Recordings of the seminar are available until April 2021.
IFAC and the three professional accountancy organisations in Japan, Korea and Singapore hosted their second webinar in December and discussed the IFRS Foundation Trustees’ Consultation Paper on Sustainable Reporting. IFRS Foundation Executive Director Lee White outlined the consultation paper and answered questions from the participants.
The 12th Asia Oceania Standard Setters Group (AOSSG) meeting was held by video conference. The group discussed topics including business combination under common control, going concern and the IFRS for SMEs Standard with participation from Board Chair Hans Hoogervorst, Vice-Chair Sue Lloyd and Board members Ann Tarca and Rika Suzuki.
In November, the AO office hosted a webinar on the IFRS Foundation Trustees’ Consultation Paper on Sustainable Reporting for Japanese stakeholders. Trustee Vice-Chair Takafumi Sato and Trustee Kazuyuki Masu discussed the paper and answered questions from participants.
The Chinese, Japanese and Korean national standard-setters met virtually. Board Chair Hans Hoogervorst and Board members Jianqiao Lu and Rika Suzuki participated in the discussion on topics including accounting issues related to covid-19 and the projects Consolidated Financial Statements and Primary Financial Statements.
The AO office hosted a Board technical update webinar, including a focus on the Board’s response to the covid-19 pandemic. A wide range of Japanese stakeholders, including Keidanren, the Securities Analysts Association of Japan (SAAJ), JICPA, the Accounting Standards Board of Japan (ASBJ), Japan Financial Services Agency (JFSA) and the Tokyo Stock Exchange (TSE) participated in the webinar.
The AO office supported the International Federation of Accountants (IFAC), the Japanese Institute of Certified Public Accountants (JICPA), the Korean Institute of Certified Public Accountants (KICPA) and the Institute of Singapore Chartered Accountants (ISCA) in hosting a webinar for the Asia-Oceania region on the Comprehensive Review of the IFRS for SMEs Standard project. Board Member Rika Suzuki and technical staff member Michelle Sansom provided updates on the project.