October 31, 2024 –Jeju Island, the Republic of Korea

The 2024 Three Countries Accounting Standard Setters’ Meeting, encompassing China, Japan and the Republic of Korea (ROK), was held in Jeju Island, the ROK on October 31, 2024. Zhang Juan, Deputy Director General of the China Accounting Standards Committee (CASC), Yasunobu Kawanishi, Chair of the Accounting Standards Board of Japan (ASBJ), and Dr Han Yi, President of the Korea Accounting Institute (KAI), together with other delegates from the three countries, participated in the meeting. 

Delegates from China’s Hong Kong SAR and Macao SAR, including Cecilia Kwei, Director of Standard Setting at the Hong Kong Institute of Certified Public Accountants, and Pou Man Ng, Committee Member of the Professional Committee of Accountants of Macao, also attended the meeting. 

Delegates from China (including Hong Kong SAR and Macao SAR), Japan and the ROK provided updates on their recent efforts in advancing the progress of IFRS Accounting Standards implementation and the development of their local accounting standards in each of their jurisdictions. They also had productive discussions on Power Purchase Agreements, the Equity Method, and the Post-implementation Review of IFRS 16 Leases. 

At the meeting, the delegates agreed to: 

1. Reinforce their commitment towards IFRS Accounting Standards 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 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 Accounting Standards in the region. 

The next Three Countries Accounting Standard Setters’ Meeting will be held in Japan in 2025.