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Regional Accounting Standard-Setters Meet In Singapore To Provide Feedback To IASB On Implementation Of IFRS

17 Jul 2008

The 6th International Accounting Standards Board (IASB) - Regional Standard-Setters Meeting (IASB-RSSM) took place yesterday at Mandarin Oriental Singapore. 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.

2. At the IASB-RSSM, 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 expressed great interest in being more actively involved in the IASB's technical projects on leases as well as on insurance contracts.

3. "The meeting was a very useful opportunity for countries from ASEAN and other economies from North-East Asia to come together to share their experiences and concerns regarding the adoption of IFRS. 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. 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," said Ms Euleen Goh, Chairman ASC.

4. At the meeting, the participants also shared with one another the practical difficulties of and experiences gained from implementing IAS 39 - Financial Instruments and IAS 40 - Investment Property in their own respective jurisdictions.

5. In conjunction with the IASB-RSSM, the ASC also hosted a one-day public seminar, entitled, "IFRS: A Global and Regional Perspective" on 17 July 2008 at Mandarin Oriental. Senior Minister of State for Finance and Transport, Mrs Lim Hwee Hua delivered the keynote address at the seminar. Sir David Tweedie and Mr Warren McGregor, also shared with the participants the latest updates on the IASB's work programme and major technical projects.

6. In addition, a diverse panel of respected speakers and professionals, representing the accounting profession, business sector, academia, also discussed two highly topical subjects in today's context - risk reporting and the lessons learnt from the recent sub-prime crisis, and issues arising from the revised IFRS 3 on Business Combinations.