The Institute of Chartered Accounts of the Maldives (CA Maldives) has become a member of the Asian Oceanian Standard Setters Group (AOSSG).
Maldives became a member of the accounting standard-setters in the Asian-Ocean region at the 2022 Annual AOSSG Meeting held in Nepal.
Vice President of CA Maldives Hassan Mohamed signed the agreement, of becoming an AOSSG member, on behalf of the country.
Pursuant to the Chartered Accountants Act (Act No. 13/2020) CA Maldives is the legal body mandated to regulate and set accounting and auditing standards in the country. Moreover, it acts as the Maldives' official representative in the accounting field.
AOSSG is a group of Accounting Standard Setters in the Asian-Oceanian region incepted in 2009. The group was formed to discuss issues and share experiences related to the accounting field, and the adoption of IFRS. Moreover, the group works on contributing towards the development of accounting standards.
The group consists of 27 member organizations, which include respective accounting representatives from Australia, China, India, Japan, Saudi Arabia and New Zealand.
With the addition of Maldives to the group, the AOSSG membership has increased to 28.
Becoming a member of AOSSG grants Maldives close proximity to international accounting experts, and their assistance in working closely to set standards as well as the island nation's efforts to implement International Financial Reporting Standards (IFRS).