IASB and ASBJ held biannual meeting

04 November 2011

Representatives of the IASB and the ASBJ held their fourteenth biannual meeting in London on 31 October and 1 November 2011. The boards discussed the joint work of the IASB and the FASB to improve IFRSs and US GAAP and to bring about their convergence.

The ASBJ supports the efforts of the IASB and the FASB towards developing high-quality global accounting standards, and is making progress with its own work for convergence of Japanese GAAP and IFRSs by taking into consideration the progress of the IASB and FASB’s joint projects.

In addition to these discussions, the boards exchanged views on the following projects undertaken by the IASB and the FASB:

• financial instruments (including the credit impairment model for financial assets);
• revenue recognition (including the recent deliberations that will lead to the re-exposure draft expected to be issued during the fourth quarter of 2011);
• leases (including the recent deliberations that will lead to the re-exposure draft expected to be issued in the first quarter of 2012); and
• investment entities (regarding the exposure draft, 'Investment Entities', published by IASB in August 2011).

The IASB and the ASBJ also discussed interpretation and practical issues relating to the voluntary application of IFRSs in Japan. In addition, the ASBJ exchanged views with the IASB regarding the Agenda Consultation 2011 that the IASB is undertaking, to gather views on the strategic direction and the priority of agenda areas, among other things, over the next three years.

Representatives of the IASB and the ASBJ agreed that their ongoing discussions contribute to the development of high-quality accounting standards, and reaffirmed that it is essential for them to maintain their close co-ordination, and for the ASBJ to continue to participate actively in the IASB’s standard-setting process.

Press release

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