MALAYSIA TO HOST FIRST ASIAN-OCEANIAN STANDARD SETTERS GROUP MEETING

KUALA LUMPUR, Oct 14 (Bernama) -- The Malaysian Accounting Standards Board (MASB) announced Wednesday that the inaugural meeting of the Asian-Oceanian Standard-Setters Group (AOSSG) will be held here on Nov 4-5.

To date, 24 countries have confirmed participation and will sign the
memorandum of understanding (MoU) of the AOSSG, the MASB said in a statement
Wednesday.

Among the countries attending are Australia,China, India, Japan, Hong Kong,
Korea, New Zealand, Pakistan, Saudi Arabia and Singapore.

According to the MASB,the objective of the meeting, is to establish and
agree on a constitution for the AOSSG as well as discuss and provide input for
several of the most recent draft proposals issued by the International
Accounting Standards Board (IASB).

It also stated that discussions would include views on the fair value
measurement, the presentation of financial statements, revenue recognition and
IAS 39.

"The inaugural meeting in Malaysia was made possible with the support of the
Asian-Oceania members and the hard work of the MASB team," said MASB chairman
Mohammad Faiz Azmi.

The AOSSG will allow standard-setters in the Asian-Oceania region to
establish a mechanism and platform to discuss and share resolutions on emerging
issues while contributing to the development of a single set of high quality
global financial reporting standards.

The meeting will also serve as a platform for providing the Asian-Oceanian
perspective on accounting standards that are more relevant to the region.
--BERNAMA