NEW YORK-The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) held their Seventh meeting in Tokyo since the announcement of the initiative to accelerate convergence between Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs), known as the ‘Tokyo Agreement' in August 2007. This was the seventh meeting between the two boards. The two day meetings were held on April 8-9, 2008
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.
The representatives of the boards exchanged views on the following items
Consolidation
Revenue recognition
Insurance contracts - Interaction with other projects
Liability and equity
Financial statement presentation
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