Asian standard setters are facing challenges
applying IFRSs, according to the Asian-Oceanian Standard Setters
Association (AOSSG), which aims to expand its role to improve the
situation.
AOSSG members in the process of implementing the
IFRSs face difficulties in application and practice due to a lack
of technical expertise, support from the community, financial
constraints and language barriers.
The AOSSG released a report, A vision paper
of the Asian-Oceanian Standard Setters Group 2011 – A Driving Wind
for IFRS from Asia-Oceania, that provides insights into the
IFRS challenge.
The AOSSG says it hopes to help national
standard setters overcome IFRS implementation problems by bringing
together members’ knowledge and experience in a more co-ordinated
manner.
The report sets out future objectives such as
undertaking its post-implementation review; field-visits; effect
analysis by utilising the resources and experiences of member
jurisdictions; and, strengthening its secretariat’s function.
The AOSSG is considering expanding its role to
deal with accounting standards for non-profit and public sector
entities.
The regional standard setter plans to assist
members promote the consistent application of standards,
identifying common issues before referring them to the
International Accounting Standards Board and other interpretations
committees.
Immediate objectives include devoting more
resources for capacity building of members and enhancing its
membership to better reflect regional views.
