Tuesday, 17 December 2013 00:01
Hosted by CA Sri Lanka
The Annual Meeting of the regional accounting grouping, the Asian-Oceanian Standard-Setters Group (AOSSG) hosted by the Institute of Chartered Accountants of Sri Lanka concluded in Colombo recently on a high note, which saw representation from 26 regional bodies.
Delivering the welcome address at the AOSSG fifth annual meeting, CA Sri Lanka President Sujeewa Rajapakse underscored the importance for countries to converge with the International Financial Reporting Standards while ensuring that all stakeholders are duly educated on the convergence.
Welcoming the delegates to Sri Lanka, Rajapakse also highlighted the important role professionals can play in helping achieve a country’s development goals.
The meeting which included several sideline events was held under the patronage of the Minister of External Affairs G.L. Peiris and Central Bank Governor Ajith Nivard Cabraal, which was represented by a large number of accounting bodies from across the region.
The meeting also saw the participation of International Accounting Standards Board Chairman Hans Hoogervorst and AOSSG Chairman Kevin Stevenson. The chairmanship of the group was subsequently handed over to Clement Chan.
Rajapakse also noted that during the last two years, apart from the AOSSG meeting, CA Sri Lanka was also privileged to host a number of reputable regional events including several high level meetings of the Confederation of Asian and Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA) Board Meeting.
“Such events signify our institute’s standing in the global accounting arena while also boosting our country’s image in the world map,” he said.
The proceedings of the annual meeting concluded with a CFO Forum on the Proposed Conceptual Framework for Financial Reporting, which featured two experts from the International Accounting Standards Board (IASB).
AOSSG which plays an important role in encouraging the adoption of IFRSs in the region comprises of 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.