FASB: Biannual meeting of the FASB and the ASBJ

10 February 2012

Representatives of the FASB and the ASBJ met on February 6 and 7, 2012, in Connecticut. This meeting was the twelfth in a series of discussions between the FASB and the ASBJ. Representatives discussed updates on the respective convergence activities with the IASB.

The ASBJ supports the efforts by the FASB and the IASB to develop high-quality global accounting standards, and is working on its projects to achieve convergence between Japanese GAAP and IFRSs, taking into consideration the progress of the joint projects by the FASB and the IASB.

At this meeting, the FASB and the ASBJ provided updates on their respective convergence activities with the IASB, with the aim of contributing to the development of high-quality global standards. The ASBJ also explained its comments on the IASB’s Agenda Consultation 2011. Furthermore, the FASB and the ASBJ exchanged views on the following projects undertaken by the FASB and the IASB:

• credit impairment model for financial assets;
• classification and measurement of financial instruments and insurance contracts;
• hedge accounting;
• revenue recognition;
• leases;
• investment companies.

Representatives of the ASBJ and the FASB agreed that their ongoing discussions are useful in promoting mutual understanding on the significant items to be improved with the IASB that will contribute to subsequent deliberations at the FASB and the ASBJ and to the future development of high-quality accounting standards. The ASBJ and the FASB agreed that they would continue to exchange views on issues faced and potential future concerns.

The next joint meeting is planned in the second half of 2012 in Tokyo, Japan.

Press release

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