IFRS Foundation opens regional office in Asia/Oceania

THE PARENT BODY of global standard setter the IASB has opened its first international office outside of the UK.

The office, based in Tokyo, will provide support to the entire Asia/Oceania region with matters related to the development, adoption and consistent application of IFRS.

The opening is part of the IFRS Foundation's strategy to become a "truly global" accounting standard-setting body.

The Asia/Oceania office is expected to develop into regional research hub, collecting conceptual input from the Asia-Oceania region into the IASB's due process and at an early stage.

Michel Prada, chairman of the trustees of the IFRS Foundation said: "The Asia/Oceania region is home to some of the largest capital markets and fastest growing economies in the world. It is also a highly diverse region, hence the need to establish a local presence to ensure that views across the region are heard and considered as part of the standard-setting process.

"Many jurisdictions across the Asia/Oceania region have already adopted IFRSs, while others have already made substantial progress in their transitional arrangements."

Separately, Mary Tokar was appointed to the IASB for an initial term ending 30 June 2017, renewable for a further three years and has experience in the application of IFRS in both developed and emerging economies.

Previously, Tokar worked at the SEC as the senior associate chief accountant, international, in the chief accountant's office.

Commenting on the appointment, Robert Glauber, chairman of the trustees' nominating committee, said: "Mary is one of the most highly regarded and technically competent members of the international financial reporting community. She has exemplary credentials and is an excellent addition to the board."