On 15 July 2019, the Canadian Accounting Standards Board (AcSB) and the Italian standard-setter Organismo Italiano di Contabilità (OIC) held a second joint meeting in Rome.
OIC President of the Executive Board, Angelo Casò, OIC President of the International Accounting Committee, Alberto Giussani and AcSB Chair, Linda Mezon participated in the meeting, joined by members of the OIC and AcSB staffs. The AcSB and the OIC exchanged views on IASB’s current project on proposed amendments to IFRS 17 and discussed implementation activities regarding IFRS 16.
Casò said: “I welcomed the opportunity to repeat the meeting with the AcSB, after the one in Toronto last year. I found very meaningful for us the discussion on the topics in agenda, in particular with reference to proposed amendments to IFRS 17. I hope that the OIC and the AcSB continue their productive relationships, including the opportunity to cooperate on the projects on Rate-regulated activities and Revenue.”
Mezon said: “National standard setters’ collaboration is instrumental to the success of the standards we set and contribute to in our globalized world. For the second year in a row, the AcSB and OIC meeting illustrated our shared views on a range of topics, helping us to see the commonalities across borders. In particular, we both felt strongly that a common global adoption date for IFRS 17, Insurance Contracts, was in the best interest for all countries who use IFRS standards. Our differences, too, help with our understanding of financial reporting needs in other jurisdictions, proving our meeting this year to be enlightening and productive.”