Good progress is being made towards convergence of IFRSs and Japanese GAAP. The IASB and the ASBJ again had a useful meeting that included a productive discussion on cross-cutting issues.
The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) have held their tenth meeting to accelerate convergence of Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). Led by Ikuo Nishikawa, Chairman of the ASBJ, and Sir David Tweedie, Chairman of the IASB, the meeting took place in London on 7 and 8 September 2009.
Representatives of the ASBJ reported that good progress is being made towards convergence of IFRSs and Japanese GAAP. As outlined in the Tokyo Agreement, these efforts extend to all projects on the IASB’s agenda. Representatives of the different boards also exchanged views on the recent
IASB exposure draft
Financial Instruments: Classification and Measurement and the following important items, including cross-cutting issues among
IASB projects.
· Other comprehensive income and recycling/non-recycling: cross-cutting issues among financial statement presentation, financial instruments (classification and measurement), and post-employment benefits
· Measurement of liabilities: cross-cutting issues among financial liabilities and non-financial liabilities (IAS37) including own credit risk
Commenting on the meeting, Ikuo Nishikawa, Chairman of the ASBJ, said:
“The
IASB and the ASBJ again had a useful meeting that included a productive discussion on cross-cutting issues. The ASBJ continues to participate actively in the international standard-setting process, including this regular meeting with the IASB. This is also consistent with the Interim Report issued by the Business Accounting Council which sets out a roadmap towards the application of IFRSs in Japan and recommends that the ASBJ continues and accelerates the convergence of accounting standards.”
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