The Korea Accounting Standards Board (KASB, Chair: Jee In Jang) held the 8th Annual Asian-Oceanian Standard-Setters Group (AOSSG) Meeting at InterContinental Wellington in New Zealand, hosted by the External Reporting Board of NZ, from 29 to 30 November, 2016. 

As each chair organisation of the AOSSG is required to hold two annual meetings during its term, the KASB held the 2015 annual meeting in Korea and the 2016 meeting in New Zealand. 

Around 80 participants attended the meeting, including delegates from 16 member jurisdictions and observers, and Hans Hoogervorst, Chairman of IASB, Sue Lloyd, Vice-Chairman of IASB, and other IASB members represented the Board at the meeting.  

At this year’s meeting, the attendees were divided into multiple sub-groups for breakout sessions to discuss issues relating to IASB projects, specifically, Disclosure Initiative and IFRS 13 Post Implementation Review. Breakout sessions led to more vibrant discussion among the participants. 

The KASB presented its research on “IFRS Adoption in Korea: 5 years’ Experience and Lessons” at the meeting which many attendees found it interesting and useful. 

AOSSG members also discussed and shared views on various IFRS implementation issues in practice, results of IFRS adoption effect analyses, IFRS adoption progress, etc. 

At the meeting, AOSSG members agreed to proceed with the below two topics as the AOSSG’s major projects for 2017.

-    Providing IFRS-related support to Vietnam which has not yet adopted IFRS
-    Reviewing and improving AOSSG Working Groups and their activities