SOCPA Participates in the Annual Meeting of the Asia-Oceania Standard Setters Group during November 23-25
SOCPA, represented by its Accounting Standards Committee, participated in the annual meeting of the Asian-Oceanian Standard-Setters Group held virtually during 23-25 November 2020.
SOCPA was represented by its Deputy Chairman of the Accounting Standards Committee Awad Al Ruhaili and Committee member Ihsan Makhdoom. The meeting was held virtually due to the circumstances of Covid-19. The meeting is usually held on an annual basis and hosted by member states alternately. SOCPA invited members to attend the meeting to be held in 2022, following the end of the current pandemic crises, according to the arrangement reached among group members.
SOCPA participated by submitting a working paper presented by committee member Ihsan Makhdoom, in which he presented SOCPA's project to introduce financial reporting standards for entities engaged in optional or judicial bankruptcy or liquidation procedures; this will address the lack of standards in international standards in this regard.
During the meeting, a number of topics related to international standards were discussed, including:
· Accounting with respect to combination of business falling under one control
· Draft update of international standards for SMEs.
· Draft paper on disclosure of business combinations and accounting for goodwill.
A number of experiences of member states that had recently transitioned to international standards were presented at the meeting, in addition to a number of topics on which some states provided insights, such as concerns about continuity and manner of disclosure, issues relating to the preparation of separate financial lists, and experiences with the application of IFRS 17.
Work papers presented at this meeting can be viewed by accessing SOCPA's website by clicking here.