The ASBJ and the IASB Held Meeting to Discuss Tokyo Agreement
NEW YORK- The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) held their first meeting on September 27, 2007 headquarters London to discuss Tokyo Agreement which was signed between both boards on August 8, 2007
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.
The main objectives of the meeting included:
- Reviewing the convergence program and the shared goal of eliminating major differences between IFRSs and Japanese GAAP by 2008, with the remaining differences being removed on or before June 30, 2011
- Discussing the arrangements for the ASBJ to input its views into the IASB’s current work program.
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