Representatives from Korea-Japan-China Come Together to Discuss IFRS and other Issues

An official report was released on Tuesday (3oth October) post a meeting held between standards creators from Japan, Republic of Korea as well as China in Korea on the 10^th of October. During the meeting representatives of China Accounting Standard Committee, Korea Accounting Standards Board, International Accounting Standards Board and Accounting Standards Board of Japan were present. Apart from these representatives, guest representatives from Macau and Hong Kong and some of the other delegates were also present during the meeting.

The representative from all the different bodies and countries discussed matters pertaining to IASB Emerging Economies Group.

It must be noted that the Emerging Economies Group of the IASB was set up in Beijing, China. The EEG was set up to improve the emerging nations influence in the International Financial Reporting Standards development procedure. The EEG has also been established to respond to the recommendation made by G20 to encourage emerging nations to get more involved in setting standards. The EEG primarily focuses on identifying specific matters from economies that are emerging and bringing forth the same before the International Accounting Standards Board through consistent communication.

In addition to this, discussions were also held on topics related to SMEs as well as the liaison office of IFRS Foundation Asia-Oceania that was inaugurated in Tokyo in the month of October in 2012. The representatives were also provided with updates on numerous International Accounting Standards Board projects.

After considerable amount of discussion, the representatives came to a consensus where they resolved to show full cooperation with each other for:

· Promoting the growth of IFRSs by enhancing mutual cooperation and understanding via sharing domestic related matters pertaining to International Financial Reporting Standards as well as discussing methods for resolving those matters in a better manner

· Share suggestions and views on IASB’s existing projects in a way that it helps in contributing towards a useful development as well as amendment of the International Financial Reporting Standards

· Offer complete support to the liaison office of IFRS Foundation Asia-Oceania inaugurated in Tokyo in operating successfully

The representatives will meet next in Japan in the year 2013.