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Regional Standard-Setters Meeting

The Malaysian Accounting Standards Board hosted the 2009 IASB Regional Standard-Setters (RSS) Meeting in Kuala Lumpur on Tuesday, 28 April 2009. Representatives from standard-setters from eleven countries, namely, Australia, Brunei, India, Indonesia, Japan, Korea, Laos, New Zealand, Taiwan, Thailand and Singapore attended the meeting.

In conjunction with the RSS meeting, an MASB Conference was held at the Securities Commission on 29 April. The Conference was attended by 300 participants.

IASB chairman, Sir David Tweedie, a board member, Mr Warren McGregor as well as the director of international activities, Mr Wayne Upton attended both the RSS meeting and MASB Conference.

 

Delegates were briefed about the current developments and projects update by Sir David Tweedie and Mr Warren McGregor. A number of technical subject matters were discussed, namely on fair valuation, devaluation of currencies (IAS21), agriculture (IAS41), service concession agreements (IFRIC12), emission rights, and IASB Discussion Papers on Presentation of Financial Statements and Revenue. Delegates were given the opportunity to exchange views on issues and to raise concerns relating to these topics in the presence of the representatives from IASB.

 

 

An information session on Islamic-based transactions was also held to provide delegates with an overview of the Islamic principles relating to these transactions.

 

 

At the conclusion of the meeting, the venue for the next RSS meeting was discussed. Normally one of the RSS attendees would volunteer to host the next meeting. This has been the pattern since 2003 and indeed a loose rotation of countries have played host. However, there is a new element emerging this year and that is the formation of the Asian-Oceanian Standard Setters Group (AOSSG). One of the primary objectives of the AOSSG is to provide a common platform for all countries in Asia and Oceania to give inputs into IASB in its various activities, particularly in the development of accounting standards.

 

In the light of the formation of AOSSG, the need for RSS Meetings to continue was also discussed. The delegates requested that MASB (as the last host) seeks the views of all ASEAN RSS members on this issue and if any member country is agreeable that RSS meetings should continue, whether it is also willing to be the next host country. Should there be more than one country willing to be the next RSS meeting host, the selection would fall back on the rotation sequence in selecting the next host country.