IASB and ASBJ Representatives Hold Biannual Meeting

Sarah Woodman, Global events journalist
April 06, 2012 /

The representatives of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) met on 2 April 2012 in Tokyo. This meeting was the fifteenth in a series of discussions between the IASB and the ASBJ.

During the meeting, representatives of the boards discussed the work of the IASB and the US Financial Accounting Standards Board (FASB) to complete the remaining elements of their convergence programme; the IASB’s consultation on its future agenda, including feedback received from Japanese stakeholders; the ongoing review of the IFRS Interpretation Committee, being conducted by the Trustees; and opportunities for closer co-operation between the IASB and national accounting standard-setters, including the future relationship between the IASB and the ASBJ.

Representatives of the IASB and the ASBJ reaffirmed their commitment to continue their close co-operation in pursuit of the goal of high quality global accounting standards.

Hans Hoogervorst, Chairman of the IASB, said: “This is my fifth visit to Asia in the nine months since I became Chairman of the IASB. The IASB and the ASBJ work very well together and I look forward to a further deepening in our relationship as Japan takes steps towards adoption of IFRSs.

Ikuo Nishikawa, Chairman of the ASBJ, stated: “It was meaningful to discuss the agenda consultation that the IASB is currently undertaking and the review of the IFRS Interpretation Committee which will become important in the future. We would like to be actively involved in the IASB’s projects, including in the agenda consultation process, to contribute to developing high-quality global accounting standards.”

The next joint meeting is planned in the second half of 2012 in London.

 

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