Standard Setters from China, Japan and Korea Meet

Wednesday, November 9, 2011 Print Email

Standard setters from China, Japan and the Republic of Korea met in Xiamen, China on 26 October 2011. Representatives were present from the China Accounting Standard Committee (CASC), Accounting Standards Board of Japan (ASBJ), Korea Accounting Standards Board (KASB), International Accounting Standards Board (IASB), along with other delegates from the three countries and Hong Kong and Macau.

The meeting discussed the process of convergence of accounting standards, the IASB's projects and its future agenda and the prospective efforts of the Asian-Oceanian Standard Setters Group (AOSSG).

The delegates agreed to maintain communication between the countries (on projects, convergence and issues), to coordinate perspectives on the IASB's projects, and to enhance regional communication and cooperation in Asia-Oceania. Full support was expressed for the IASB's Asia-Oceanian regional liaison office to be established in Tokyo in October 2012.

The next meeting will be held in Korea in 2012. Click for press release (link to ASBJ website).

Source: Deloitte

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