Chartered accountants from several countries and within India were in Goa recently for the annual, three-day meeting of Asian-Oceanian Standard-Setters Group (AOSSG) which was inaugurated by the Chief Minister, Pramod Sawant.
The meeting saw (Dr) SB Zaware, former chairman of Accounting Standards Board of ICAI elected as the AOSSG chairman for a period of two years, 2019-21. At the same meeting, Nishan Fernando, Sri Lanka was elected as the vice-chairman of the group. Speaking to media persons, Zaware said, “My appointment as chairman of AOSSG is a step in the direction of the ICAI’s commitment to actively engage in the International Financial Reporting Standards (IFRS) setting process, engaging with National Standard Setters in the Asia and Oceanic regions and across the world.”
According to Zaware, the AOSSG aims to establish relationships with governments, regulators and other regional and international organisations to improve accounting practices, enhance the quality of financial reporting and facilitate cross-border trade, investments and governance in the region.
Chartered accountants Prafulla Chhajed, president, ICAI and Atul Kumar Gupta, vice president, ICAI, greeted the delegates via the video conference facility. Vinod Rai, Trustee of IFRS Foundation, also addressed the meeting over video.
AOSSG is a group of twenty seven national accounting standards setters from Asian-Oceanian region formed in 2009. The group’s objective is to contribute to the development of a high-quality set of global accounting standards by International Accounting Standards Board of the IFRS Foundation.