On behalf of the Asian-Oceanian Standard-Setters Group (AOSSG, Chair: Jee In Jang), Chair of the Korea Accounting Standards Board (KASB, Chair: Jee In Jang) participated in the Accounting Standards Advisory Forum (ASAF) from 7 to 8 April 2016 in London, U.K.

The issues discussed at the meeting are as follows:

- 2015 Agenda Consultation
• The IASB presented the summary of comments received on the 2015 Agenda Consultation, and the attendees shared views on future projects of high priority.
- Conceptual Framework
• Attendees discussed the direction of the IASB’s strategy for completing the Conceptual Framework project.
- Rate-Regulated Activities
• Attendees discussed cases relating to rate-regulated activities accounting, and also shared views on the fundamental nature of rate-regulated activities.
- Accounting for inflation
• The representative from the Group of Latin America Standard Setters (GLASS) proposed amendment to the IFRS relating to accounting for inflation, and attendees discussed the need for such amendment.
- Business Combination Under Common Control (BCUCC)
• The attendees discussed the appropriate accounting treatment for BCUCC transactions and emphasized that the requirements for BCUCC should be based on a clear concept.
- Amendments to IFRS 4
• The attendees discussed the deferral approach and overlay approach in relation to the new insurance contract to be issued.
- Share-based Payment
• The attendees discussed whether to proceed with the research project on amendment of IFRS 2 ‘Share-based Payment’.