AOSSG Releases a Report Based on the Discussions Held during its Meeting in Nepal

Wednesday, January 2, 2013 Print Email

The AOSSG has come up with a report after its meeting that was organized at Kathmandu in Nepal on the 28th and 29th of November in 2012. In the report the Asian-Oceanian Standard-Setters Group has highlighted the need for establishing ‘IFRS Centre of Excellence for a Developing Country’ also known as IFRS COEDC within Nepal so that Nepal succeeds in building its standard creating capacity. In addition to this, the report also focused on the requirement for speedy finalization of the International Accounting Standards Board’s project related to ‘bearer biological assets’ and discussions that took place with regard to Islamic financial accounting matters.

The standard creators who participate hailed from countries including China, Brunei, India, Australia, Indonesia, Macao, Hong Kong, Japan, Saudi Arabia, Sri Lanka, Pakistan, Iraq, Korea, Vietnam, Singapore, New Zealand, Nepal, Malaysia and Thailand.

Representing the International Accounting Standards Board was Hans Hoogervorst as well as board members that included Prabhakar Kalavacherla and Wei guo and IASB Director of International Activities, Wayne Upton in addition to the staff members of IASB.

The IFRS CODEC has been designed to assist Nepal in building its capacity to set standards and has been unanimously supported by the members of the Asian-Oceanian Standard-Setters Group. During the meeting the initial steps to be taken in the direction of setting up IFRS CODEC were also agreed upon and 9 jurisdictions gave their agreement with regard to becoming the Working Party, which would help in establishing the IFRS CODEC. At present, Nepal follows standards, which are designed as per the former IFRS versions and at present the country is looking at updating the standards so that they comply with the later IFRS version as promoted by the International Accounting Standards Board.

During the meeting, the Asian-Oceanian Standard-Setters Group also welcomed IASB’s plan for amending International Accounting Standards 41 and emphasized that it was willing to help the International Accounting Standards Board in its plans. The AOSSG also held discussion on matters arising out of recent temporary decisions taken by the IASB as well as their effect on the Islamic financial transactions. The staff members of the IASB also informed the members about their plans of setting up an IASB consultation group with regard to Islamic Financial matters.

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