□ 2015 Annual AOSSG Meeting

The Korea Accounting Standards Board (KASB, Chair: Jee In Jang) hosted the 7th Annual Asian-Oceanian Standard-Setters Group (AOSSG) Meeting in Seoul from 25 to 26 November, 2015.

Around 70 participants from 19 member jurisdictions, including China, Japan and Australia, attended the meeting, and Ian Mackintosh, Vice-Chairman of IASB, and the Korean, Chinese, and Japanese members of the IASB represented the Board at the meeting. 

The KASB was officially appointed as Chair of the AOSSG at this meeting to a two year term.

Jee In Jang, Chair of KASB and AOSSG, expressed that the AOSSG will actively support jurisdictions in the AO region which have not yet adopted IFRS to help with their IFRS adoption and strive to effectively deliver the views of the AO region to the IASB.

AOSSG Working Groups presented and exchanged their views on various IASB projects (Conceptual Framework, Disclosure Initiative, Insurance contracts, Revenue recognition, Rate-regulated activities, Agenda Consultation, etc.) and delivered their views to the IASB members present at the meeting.

Members of AOSSG shared information on their national research projects, current issues in practice, and IFRS adoption status, etc.

The KASB and Australian Accounting Standards Board (AASB) gave a presentation on the interim findings of their joint research work "Accounting judgments on terms of likelihood under IFRS: Korea and Australia" and raised issues regarding interpretation and translation of IFRS terminology.

Malaysia, India and Thailand raised issues in practice that arise with regard to the implementation of IAS 41 Agriculture.

Japan, India and Pakistan reported on the current progress of their IFRS adoption.

AOSSG members reached an agreement to place greater effort into encouraging less-active members to participate more.

In particular, the members decided to encourage their participation in the Disclosure Initiative Working Group since the topic is shared by many countries.

The AOSSG decided to continue its efforts to support developing countries with their IFRS adoption through a new project named 'mentoring programme'.


□ 2015 Three Countries Accounting Standards Setters' Meeting

Prior to the 7th Annual AOSSG Meeting, the KASB hosted the 2015 Three Countries Accounting Standards Setters Meeting - China, Japan, and Korea in Seoul on 23 November 2015.

Representatives from the three countries' standard setting bodies including the Chairs, gathered to share the current status of IFRS adoption in each country and discussed major accounting issues.

Ian Mackintosh, Vice-Chairman of IASB, and three IASB members including Chungwoo Suh (Korea) represented the IASB at the meeting.

Korea gave a special presentation on Korea's traditional bookkeeping method 'Sa‐Gae‐Song‐Do‐Chi‐Bu‐Bub', and each of the three countries presented and shared views on the following topics:

- Korea: Effect analysis for IFRS: Issues from Korean experience
- China: Pollutant Pricing Mechanisms
- Japan: Conceptual Framework project