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The IASB and the Japanese ASBJ held a joint meeting on convergence in accounting standards. Representatives of the ASBJ explained the progress of the items listed in its project plan issued in December 2007 based on the Tokyo Agreement. The boards confirmed that the convergence project to eliminate major differences between Japanese GAAP and current IFRSs by the end of 2008 is progressing in line with the project plan.
In addition, representatives of the IASB explained the progress of the projects including medium and long-term items. The representatives of the boards exchanged views on the following items, which are included in the significant items to be improved in the medium and long term.
Representatives exchanged views on the recent international credit crisis. Further technical issues discussed included:
- Consolidation
- Revenue recognition
- Insurance contracts - Interaction with other projects
- Liability and equity
- Financial statement presentation
Recent developments (incl. timetable)