10 October 2010 — DFSA Signs Accounting Standard-Setters MoU
Dubai, UAE, 10 October, 2010: 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:
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."