Representatives of the Accounting Standards Board of Japan (ASBJ) and the U.S. Financial Accounting Standards Board (FASB) met earlier this month to enhance dialogue between the two Boards in their shared pursuit of global convergence of accounting standards.
In June this year, the FASB and the International Accounting Standards Board (IASB) issued a joint statement concerning their modified work plan to improve and converge U.S. GAAP and International Financial Reporting Standards (IFRSs). The ASBJ supports the efforts by the FASB and the IASB towards a single set of high quality global accounting standards and is making progress with its projects to achieve convergence between Japanese GAAP and IFRSs, keeping pace with the progress of the joint projects by the FASB and the IASB.
At this meeting, taking into account these trends, 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 Financial Instruments, Revenue Recognition and Leases.
Ikuo Nishikawa, Chairman of the ASBJ, stated, “We commend the FASB’s continuing work on convergence with the IASB towards a single set of high-quality, global accounting standards. We would also like to support the FASB’s efforts to reconcile differences with the IASB to develop converged guidance on the accounting for financial instruments.
