To provide an organisation for ASEAN Accountants for the further advancement of the status of the profession in the region with the view to establishing an ASEAN philosophy on the accounting profession.
ASEAN stakeholders prioritise maintenance and consistent application over introduction of new IFRS Standards
AFA facilitated the International Accounting Standards Board (IASB) third agenda consultation with the ASEAN stakeholders. Represented by IASB Board Member, Rika Suzuki, and IASB Technical Staffs, Rachel Knubley and Rafal Markowski, the Board heard from a panel of 16 representatives from 9 ASEAN jurisdictions on their initial thoughts on the consultation.
Witnessed by 200 participants from 16 countries, the panel raised a common aspiration for the IASB to focus more on maintenance and consistent application of IFRS Standards rather than new IFRS Standards and major amendments to IFRS Standards. This demand for some breathing space is particularly relevant with recent introductions of new major standards on financial instruments, revenue, leases and insurance contracts, as well as the impact of COVID-19 pandemic on financial reporting.
Download the full Release: AFA_Release_AFA Facilitates the IASB Third Agenda Consultation in ASEAN
Watch a recording of the webinar at the AFA Facebook page: https://fb.watch/v/1bs_OR4-k/