Summary of FASB and ASBJ biannual meeting

26 August 2011

Representatives of the ASBJ and the FASB met on August 18 and 19, 2011, in Tokyo, Japan. The ASBJ supports the efforts by the FASB and the IASB towards developing high-quality global accounting standards, and is making progress with its projects to achieve convergence between Japanese GAAP and IFRS.

At this meeting, the ASBJ and the FASB updated each other with the recent developments in their respective convergence projects with the IASB. Furthermore, the ASBJ and the FASB exchanged views on the following projects undertaken by the FASB and the IASB:

• Financial instruments (including the credit impairment model for financial assets and the classification and measurement of financial assets and financial liabilities).
   
• Revenue recognition (including the recent deliberations that will lead to the re-exposure draft to be issued in the third quarter of 2011).
   
• Leases (including the recent deliberations that will lead to the re-exposure draft to be issued in the fourth quarter of 2011).
   
• Insurance contracts (including the accounting for the effects of changes arising from the remeasurement of insurance contract liabilities). 

Representatives of the ASBJ and the FASB agreed that their ongoing discussions are useful in promoting mutual understanding that will contribute to subsequent deliberations at each Board, and to the future development of high-quality accounting standards on the significant items to be improved with the IASB. The ASBJ and the FASB agreed that they would continue to exchange views on issues faced and potential future concerns.

The next joint meeting is planned in the first quarter of 2012 in Norwalk, Connecticut.

Press release

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