DFSA Signs MoU With Regional Standard-Setters

by Lorys Charalambous, Tax-News.com, Cyprus

13 October 2010

The Dubai Financial Services Authority (DFSA), the regulator of the Dubai International Financial Centre (DIFC), on October 10 announced the signing of a Memorandum of Understanding (MoU) with the Asian-Oceanian Standard-Setters Group (AOSSG), which took place in September.

In entering into this agreement, the DFSA joins standard-setting bodies from Australia, Brunei, Cambodia, China, Hong Kong, Indonesia, India, Iraq, Japan, Kazakhstan, Korea, Macao, Malaysia, Nepal, New Zealand, Oman, Pakistan, the Philippines, Saudi Arabia, Singapore, Sri Lanka, Thailand, Turkey and Uzbekistan.

The MoU sets out the four objectives of the AOSSG:

• Promoting the adoption of, and convergence with, International Financial Reporting Standards (IFRS) by jurisdictions in the region;
• Promoting consistent application of IFRS by jurisdictions in the region;
• Coordinating input from the region to the technical activities of the International Accounting Standards Board (IASB); and
• Cooperating with governments and regulators and other regional and international organizations to improve the quality of financial reporting in the region.

Paul Koster, Chief Executive of the DFSA said: “As the regulator of the DIFC, which sets IFRS as the statutory standard for accountants practicing in the Centre, the DFSA is very pleased to join the Asian-Oceanian Standard-Setters Group. The endorsement and promotion of IFRS, through the MoU and working committees, is a critical initiative for achieving global transparency and consistency and the DFSA is committed to participating in the important work of the AOSSG.”

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