Nishan Fernando becomes first Lankan to lead AOSSG

Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) Past President Nishan Fernando made history yesterday, when he became the first Sri Lankan to Chair the Asian-Oceanian Standard-Setters Group (AOSSG), a regional organisation tasked with contributing to the development of a high-quality set of global accounting standards. 

Fernando was formally inducted as the new Chair for the period from November 2021 to 2023 at the 13th AOSSG Annual Meeting held in Colombo, under the patronage of Central Bank Governor Ajith Nivard Cabraal and other local and foreign dignitaries, many who connected with the event virtually. 

The AOSSG is a grouping of accounting standard-setters of 27 jurisdictions in the Asian-Oceanian region. The group was formed in 2009 to discuss issues and share experiences related to the adoption of International Financial Reporting Standards (IFRS) as well as to contribute to the development of a high-quality set of global
accounting standards. 

The AOSSG is a regional group of the International Accounting Standards Board (IASB) and is a member of its Accounting Standards Advisory Forum. The grouping plays an important role in encouraging the adoption of IFRS in the region.  

IASB Chair Andreas Barckow, IASB Vice Chair Sue Lloyd, IASB Immediate Past Chair Hans Hoogervorst, AOSSG outgoing Chair Dr. Shiwaji Bhikaji Zaware, CA Sri Lanka President Manil Jayesinghe, CA Sri Lanka Vice President Sanjaya Bandara, AOSSG Vice Chair Rana Muhammad Usman Khan, CA Sri Lanka past presidents and standard setters from Australia, Bangladesh, Brunei, China, Dubai, Hong Kong, India, Indonesian, Japan, Korea, Malaysian, Mongolia, Nepal, New Zealand, Pakistan, the Philippines, Saudi Arabia, Singapore, Thailand and Vietnam joined the event. 

Fernando is a Fellow Member of CA Sri Lanka and an Associate Member of the Chartered Institute of Management Accountants of United Kingdom. He has a Master’s Degree in Business Administration from the Postgraduate Institute of Management, University of Sri Jayewardenepura and is a graduate of the Sri Lanka Institute of Directors. He has chaired multiple committees at CA Sri Lanka and has also served in numerous regional and international committees.

He was President of CA Sri Lanka from 2008 to 2009 and was also a Commissioner of the Securities and Exchange Commission of Sri Lanka during the same period, apart from serving in the Council of CA Sri Lanka as a Member from
2000 to 2011.  

At present, Fernando is Managing Director, Advisory of BDO Sri Lanka and the Maldives. He is also the independent Chairman of First Capital Holdings PLC
and Subsidiaries.