Delegates from China, Korea and Japan as well as Hong Kong provided updates on their recent activities relating to the progress of International Financial Reporting Standard (IFRS) implementation and development of their local accounting standards in each of their jurisdictions. The three countries also had productive and in-depth discussions on primary financial statements, cryptoassets and leases.
At the meeting, the delegates agreed to work together to:
1. reinforce their commitment towards IFRS as a single set of high-quality global accounting standards,
2. proactively identify and research potential standard-setting issues to contribute to the IASB’s work, and actively participate in discussions on major projects of the IASB, and
3. enhance communication among the three countries with a view to sharing opinions and experiences to enable consistent application of IFRS in the region.
As all delegates agreed that a face-to-face meeting is preferred, the next meeting will be held in China in late 2023. China will host the meeting, if the 2023 meeting still needs to be held virtually due to Covid-19.