NEW YORK- On August 8, 2007, the Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) officially announced "Tokyo Agreement" on convergence of accounting standards.
The agreement entails to accelerate the convergence process between Japanese GAAP and International Financial Reporting Standards (IFRSs), a process which was started in March 2005.
More specifically, major differences between Japanese GAAP and IFRS would be eliminated by 2008, and the remaining differences would be eliminated on or before June 30, 2011.
ASBJ develops accounting standards and implementation guidance that appropriately reflect the environment in which Japanese business enterprises operate.
IASB is committed to developing in the public interest a single set of high quality global accounting standards.
For more information please visit the following website: www.iasb.org