The International Accounting Standards Board (IASB) announced on September 30, 2006, that it held its fourth joint meeting with the Accounting Standards Board of Japan (ASBJ) on September 27, 2006 in London for two-day period. The meeting aims at reaching the final goal of achieving convergence between Japanese GAAP and International Financial Reporting Standards (IFRSs).
During the meeting the IASB and ASJB members discussed the following topics:
• the progress that has been made on the short-term issues included in the ‘whole picture approach’ adopted in March 2006
• the ASBJ’s recently issued “Practical Solution on Unification of accounting policies applied to foreign subsidiaries for consolidated financial statements” and agreed that they would consider these topics as part of their convergence project
• the exposure draft on liabilities (IAS 37) currently being redeliberated by the IASB
• the progress being made in the ASBJ’s research projects on intangibles and retrospective application
• the latest developments in the IASB’s joint projects with the US Financial Accounting Standards Board (FASB) on revenue recognition and financial statement presentation
• the ASBJ’s plan to finalize its conceptual framework.
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
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