The Accounting Standards Board of Japan (ASBJ) and the IASB have held their first two-day meeting since the announcement of an initiative to accelerate convergence between Japanese GAAP and IFRSs, known as ‘The Tokyo Agreement’.
The discussions included a review of short-term convergence projects, where major differences are to be eliminated towards the goal of 2008, as well as other major projects including segment reporting, intangible assets, special purpose entities and business combinations.
The boards agreed on future arrangements for interaction both by board members and by staff in order to achieve convergence within the agreed timetable.
“We are on schedule to achieve convergence between Japanese GAAP and current IFRSs by 2011”, Sir David Tweedie, Chairman of the IASB, said.
The next joint meeting is scheduled for April 2008 in Tokyo.
Press release
© Graham Bishop
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