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The Accounting Standards Board of Japan publishes the update of the convergence project plan towards IFRS until 2011.
The international convergence towards high quality accounting standards, pursuant to the “Medium-Term Operating Policy” of June 2007 as well as the “Agreement on initiatives to accelerate the convergence of accounting standards (Tokyo Agreement)”.
The project plan was developed, taking into account the “Opinion on the Application of IFRS in Japan (Interim Report)”, which recommends the ASBJ to continue and accelerate the convergence of accounting standards, as well as the IASB’s work plan as of August 2009 through to 2011.
Considering that the IASB has accelerated its numerous accounting standards developments pursuant to the Memorandum of Understanding with the US FASB, the ASBJ will closely monitor the IASB’s deliberation and further engage in the global accounting standard-setting process, so as to contribute to the development of high quality accounting standards.