06 November 2012

IASB and ASBJ: Summary of biannual meeting

During the meeting, representatives of the IASB and the ASBJ discussed the following projects currently under deliberation by the IASB and the US FASB:

• Financial instruments: classification and measurement (including the recent tentative decisions by the IASB and the FASB) 
• Financial instruments: impairment (including the recent tentative decisions by the IASB and the FASB)
• Revenue recognition (including the redeliberation items)
• Leases (including the recent deliberations that will lead to the re-exposure draft to be issued in the first quarter of 2013)

In addition, the IASB and the ASBJ discussed several research topics related to the IASB’s future agenda. Representatives of the IASB and the ASBJ reaffirmed their commitment to continue their close cooperation for developing high-quality global accounting standards.

Hans Hoogervorst, Chairman of the IASB, said: "This meeting provided a further opportunity to exchange views on topics important to both boards, such as completing the remaining convergence projects as well as our plans for the future. This was yet another example of the very high quality input that we receive from our discussions with the ASBJ. Their continued support for our work and the mission of global accounting standards is greatly appreciated."

Ikuo Nishikawa, Chairman of the ASBJ, stated: "It was very meaningful for us to discuss the IASB’s priority projects, some of which are close to finalisation. We are willing to be actively involved in the IASB’s conceptual framework projects through various activities including research, and also would like to continue our contribution to developing high-quality global accounting standards."

Press release

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