Chair of the Korea Accounting Standards Board (KASB, Chair: Jee In Jang) held AOSSG members’ meetings in London on behalf of the Asian-Oceanian Standard-Setters Group (AOSSG, Chair: Jee In Jang), and also participated in the World Standard-Setters (WSS) meeting, International Forum of Accounting Standard Setters (IFASS) meeting, and Accounting Standards Advisory Forum (ASAF) meeting of the IFRS Foundation, and visited the Financial Reporting Council (FRC) in London, U.K.

The dates of and issues discussed at the meetings are as follows:

-    AOSSG related meetings (Interim meeting and Chair’s Advisory Council meeting): 25 Sept 2016
•    Discussions on issues regarding insurance, definition of business, cooperation with the IASB, etc.
-    WSS meeting: 26-27 Sept 2016
•    2015 Agenda Consultation, Trustees review of structure and effectiveness of the IFRS Foundation; Conceptual Framework, etc.
-    IFASS meeting: 27-28 Sept 2016
•    Joint research between KASB and Australian Accounting Standards Board (AASB) (Accounting Judgments on Terms of Likelihood in IFRS: Korea and Australia), rate-regulated activities, IAS 26 Accounting and Reporting by Retirement Benefit Plans, outreach on IFRS 13 Fair Value Measurement, etc.
-    ASAF meeting: 29 Sept 2016
•    Rate-regulated activities, Conceptual Framework, definition of business, etc.
-    FRC visit: 30 Sept 2016
•    Discussions on the activities of the two organizations and the direction of future cooperation between the two.

Participation in these meetings is meaningful in that the Asian-Oceanian region’s issues were raised and the solutions were sought after on the international stage, and also in that mutual cooperation with foreign standard-setters were enhanced.

At the AOSSG related meeting, the KASB delivered the Asian-Oceanian region’s major issues, in particular the issues relating to the insurance Standard, to the IASB and ask for ways to resolve the issues.

At the IFASS meeting, the result of the joint research work between Korea and Australia were presented at the IFASS meeting, which led to a general consensus among the attendees that IFRS needs to be improved in certain ways. 

At the IFASS and ASAF meetings, the KASB proposed and discussed alternative accounting for rate-regulated activities with the meeting participants. 
At the FRC meeting, the importance of sustainable cooperation between standard-setters was reaffirmed and the participants decided to increase mutual cooperation.