The 85th AFA Council Meeting, 8 Dec 2005, Hanoi, Vietnam
The 85th AFA Council Meeting was held on 8 December 2005 in
Hanoi, Vietnam. The meeting was attended by representatives
of its Primary Members from Brunei, Indonesia, Lao PDR,
Malaysia, Myanmar, Philippines, Singapore, Thailand and
Vietnam. Representatives of its Associate Members present
were CPA Australia, ICAA and ACCA.
Issues discussed at the meeting, among others were:
Reporting of the 14th AFA Conference by VAA
VAA, Vietnam submitted a brief report of the 14th AFA
Conference which was held in December 2005 in Hanoi,
Vietnam. However, there were no representatives from VAA
present to provide the detailed report of the conference.
For good governance, the meeting agreed to request VAA to
submit a formal report together with all related financial
information in the 14th AFA Conference. For clarity
purposes, the host country of the conference must submit a
formal report to AFA. To this, IAI will be designing a
template to be used for reporting of AFA conferences in the
future.
ASEAN MRA Framework on Accountancy Services
The meeting discussed on the use of the ASEAN CPA
nomenclature and decided that it is not necessary and
therefore a committee to oversee the ASEAN CPA will not be
needed as well. ICPAS was requested to provide a new draft
to be submitted to the ASEAN Secretariat. AFA will seek
permission from the ASEAN Secretariat to distribute the new
draft to all member bodies which will enable all parties to
review and provide inputs during the ASEAN Coordinating
Committee on Services (CCS) meeting.
Working Committee on SMEs
It was suggested by the President that AFA sets up a working
committee on SMEs and that the working committee will then
provide comments to IASB as a region. It was also suggested
that AFA comes up with a common framework of SME standards
while waiting for the final ones being issued by IASB.
Member bodies informed the President that they need to have
an internal consultation before they are able to nominate
persons to the working group.