Regional Accounting Standard Setters Meet In Singapore

by Mary Swire, Tax-News.com, Hong Kong

17 July 2008

Accounting standard experts from across South East Asia gathered in Singapore earlier this week to participate in the 6th International Accounting Standards Board (IASB) Regional Standard-Setters Meeting (IASB-RSSM).

The meeting was attended by more than 30 foreign delegates from Brunei, Cambodia, Indonesia, Japan, Malaysia, South Korea, Taiwan and Thailand and members of the Singapore Accounting Standards Council. Sir David Tweedie, the Chairman of the IASB, and Mr Warren McGregor, a member of the IASB, also attended the event.

According to the Singapore government, the participants had a "fruitful discussion" on the IASB’s work programme, its current and planned major technical projects and the convergence initiatives undertaken by each country towards the International Financial Reporting Standards (IFRS).

While the participants reaffirmed their commitment to converge towards the IFRS, the regional standard setters shared a common sentiment that they would like more flexibility with regard to the implementation of IFRS, to take into account the unique characteristics in the legal, cultural and taxation regime of each country.

On the IASB’s ongoing work, the participants were keen for more active involvement in the IASB’s technical projects on leases as well as on insurance contracts.

“The meeting was a very useful opportunity for countries from ASEAN (The Association Of Southeast Asian Nations) and other economies from North-East Asia to come together to share their experiences and concerns regarding the adoption of IFRS," Ms Euleen Goh, Chairman the Singapore Accounting Standards Council (ASC).

"Moving forward, the ASC would like to engage our fellow accounting standard setters in this region more actively, and collaborate on research and submission of responses and feedback to the IASB," she continued.

"The presence of Sir David Tweedie and Mr Warren McGregor at this event is also heartening as it reflects that the IASB do see this region as an important constituent in the accounting standards setting process and their key intent for our feedback and support,” Ms Goh observed.

At the meeting, the participants also discussed the practical difficulties of and experiences gained from implementing IAS 39 – Financial Instruments and IAS 40 – Investment Property in their own respective jurisdictions.

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