The Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with the Asian-Oceanian Standard-Setters Group (AOSSG), last month.

In doing so, the DFSA joins standard-setting bodies from Australia, Brunei, Cambodia, China, Hong Kong, Indonesia, India, Iraq, Japan, Kazakhstan, Korea, Macao, Malaysia, Nepal, New Zealand, Oman, Pakistan, Philippines, Saudi Arabia, Singapore, Sri Lanka, Thailand, Turkey and Uzbekistan.

The MoU sets out the four objectives of the AOSSG:

• Promoting the adoption of, and convergence with, International Financial Reporting Standards (IFRSs) by jurisdictions in the region;

• Promoting consistent application of IFRSs by jurisdictions in the region;

• Co-ordinating input from the region to the technical activities of the International Accounting Standards Board (IASB); and

• Co-operating with governments and regulators and other regional and international organisations to improve the quality of financial reporting in the region.

Mr Paul Koster, Chief Executive of the DFSA said, “As the regulator of the DIFC which sets IFRS as the statutory standard for accountants practicing in the Centre, the DFSA is very pleased to join the Asian-Oceanian Standard-Setters Group. The endorsement and promotion of IFRS, through the MoU and working committees, is a critical initiative for achieving global transparency and consistency and the DFSA is committed to participating in the important work of the AOSSG.”