CASL hosts Asian-Oceanian Standard-Setters Group

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) hosted the fifth Annual Meeting of the Asian-Oceanian Standard-Setters Group (AOSSG) in Colombo last week.

The meeting at the BMICH, saw representation from 26 member bodies who deliberated on International Financial Reporting Standards (IFRS).

AOSSG is a grouping of the accounting standard-setters in the Asian-Oceanian region.

The group was formed to discuss issues and share experiences on the adoption of IFRS and to contribute to the development of a quality set of global accounting standards.

AOSSG comprises 26 member bodies from Australia, Brunei, Cambodia, China, Dubai, Hong Kong, India, Indonesia, Iraq, Japan, Kazakhstan, Korea, Macao, Malaysia, Mongolia, Nepal, New Zealand, Pakistan, Philippines, Saudi Arabia, Singapore, Sri Lanka, Syria, Thailand, Uzbekistan and Vietnam.

CA Sri Lanka President Sujeewa Rajapakse said that his institute was proud to be the host for the fifth annual meeting of AOSSG.

"In the past two years, CA Sri Lanka has been privileged to host a number of regional events including a series of high level meetings of the Confederation of Asian and Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA) in 2012 and 2013. We are delighted to be the host for yet another regional event," he said.

Rajapakse said that the opportunity to host such events also signified CA Sri Lanka's position in the global accounting arena while also further boosting Sri Lanka's image.

Chief Executive Officer, CA Sri Lanka, Aruna Alwis said that the meeting was an important platform to showcase the various development initiatives undertaken in the Sri Lankan context to uplift the accounting profession.

"The institute also organised a CFO Forum on the Proposed Conceptual Framework for Financial Reporting, which featured two experts from the International Accounting Standards Board (IASB) who shared insights on the issue with the AOSSG delegates and financial professionals from Sri Lanka," he said.

The AOSSG plays an important role in promoting the adoption of, and convergence with IFRSs by jurisdictions in the region, coordinates input from the region to the technical activities of the International Accounting Standards Board (IASB) and cooperates with Governments and regulators and other regional and international organisations to improve the quality of financial reporting in the region.