ASCA Participates in AOSSG Meeting in Nepal
ASCA Participates in AOSSG Meeting in Nepal
The Conference highlighted a number of significant issues including discussion of recent developments to IFRSs with the IASB representatives
KATHMANDU ------ December 12, 2012----- Dr. Ossama Tabbara, vice chairman of the Arab Society of Certified Accountants (ASCA), took part in the 4th Annual Meeting of the Asian-Oceanian Standard-Setters Group held at the Soaltee Crowne Plaza, Kathmandu, Nepal.
The Conference was attended by a host of dignitaries including the International Accounting Standards Board (IASB) Chairman, Minister of Finance of Nepal and the Chairman of the Accounting Standards Board of Nepal, Mr. Naryan Bajaj, as well as representatives of Iraq and Saudi Arabia.
The Conference highlighted a number of significant issues including discussion of recent developments to IFRSs with the IASB representatives. It also tackled insurance contracts, revenue recognition, leases, agriculture and the development of standards adoption in the Asian-Oceanian region. The attendees discussed Syrias accession to the Group which was unanimously approved.
On the other hand, the Conference discussed with the IASB the financial reporting related to Islamic finance and the relevant progress made, and placed further emphasis on such issue for more development.
The Arab Society of Certified Accountants (ASCA) was established on January 12, 1984 as a non-profit professional accounting association in London, UK. It was formally registered in Amman on February 24, 1994 under the name The Arab Society of Certified Accountants.
The AOSSG is the group of recognized accounting standards setters in the Asian Oceanian region. As of now, it consists of accounting standards setters from twenty five countries or jurisdictions throughout the region, with membership ever expanding. Currently, its chair and vice-chair is Ikuo Nishikawa, the chairman of the Accounting Standards Board of Japan (ASBJ), and Kevin Stevenson, the chairman of the Australian Accounting Standards Board (AASB), respectively.
