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As for the technical topics, the ASBJ and EFRAG discussed respective views on the IASB’s major projects including the conceptual framework, disclosure initiatives, insurance contracts and revenue recognition. In addition, the ASBJ and EFRAG discussed how they can work together more effectively on research activities including the topic of impairment and amortisation of goodwill on which both parties and the Organismo Italiano di Contabilità (OIC) have been working together.
Both parties agreed that they will hold the next meeting in Tokyo in 2016.
Yukio Ono, Chairman of the ASBJ, stated “I am very pleased to join this bilateral meeting for the first time since I took over as Chairman of the ASBJ. I found the discussion very meaningful for us, particularly because Japan and Europe share common views on various issues of the IASB’s projects. Given that the number of Japanese companies that choose to apply IFRS has been rapidly increasing, we look forward to collaborating further with EFRAG in the future.”
Françoise Flores, Chairman of EFRAG TEG, stated “EFRAG values its relationship with the ASBJ. We share many views about financial reporting and the application of IFRS. EFRAG considers that formal bilateral meetings enhance the work that both parties are undertaking to contribute to high quality financial reporting. We also consider that it is important to work across regional borders to enhance our understanding of how IFRS should develop.”