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A meeting of accounting standard setters from China, Japan, and the Republic of Korea took place on January 25, 2011. The Memorandum of Understanding (MoU) signed by the three parties reaffirmed the achievements of past meetings and set forth a work plan for the next several years.
The MoU notes that the exchanges of views among the three parties have helped in the development of IFRSs. The leadership of the three countries has also been instrumental to the establishment of the Asian-Oceanian Standard Setters Group (AOSSG).
Going forward, under the MoU the three parties have agreed to:- Continue communicating with one another on accounting standards development;
- Exchange views and experience of convergence work with IFRSs and related implementation, and share their experience with other jurisdictions;
- Continue to work together to play an important role in the Asian-Oceanian Standard Setters Group (AOSSG);
- Cooperate on the governance and strategy review of the IFRS Foundation, and work jointly to achieve high quality financial reporting in the Asian-Oceanian region and the development of IFRSs; and
- Strengthen communication of technical issues on IFRSs, endeavour to reach consensus in comments on the IASB’s major projects, and contribute to a single set of high quality standards.
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