Chris Pearce, Parliamentary Secretary to the Treasurer, has welcomed the second regional policy forum on International Financial Reporting Standards, which was held recently in Tokyo.
The forum brought together key financial reporting representatives from 14 Asia-Pacific jurisdictions, and the International Accounting Standards Board, to discuss issues of mutual concern relating to the adoption of International Financial Reporting Standards (IFRS).
The Tokyo conference followed the successful inaugural forum held in Sydney in 2005, which was initiated by the Australian and New Zealand Governments.
“This is a good example of Australia taking a leadership role in the region on corporate regulation issues. I congratulate the Accounting Standards Board of Japan for hosting a successful follow-up to the 2005 forum,” stated Pearce.
He added that the latest forum built on the strong foundation established by the 2005 forum. Representatives discussed key issues facing countries in the region, including the interpretation of International Financial Reporting Standards, financial reporting by small and medium entities, and IFRS branding.
“Some of the key outcomes from the forum included agreement on the need to limit local interpretations of IFRS, the opportunity to raise comments on the proposed SME accounting standard and the importance of maintaining the IFRS brand,” observed Pearce.
“The trend towards international harmonisation in regulatory frameworks requires greater cross-border cooperation and communication between countries. This initiative is an excellent way for jurisdictions in the region to meet challenges on the financial reporting front, and I look forward to seeing it continued into the future,” he concluded.
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