Tokyo Agreement on convergence of IFRS with Japanese GAAP

08 August 2007

Ikuo Nishikawa, Chairman of the Accounting Standards Board of Japan (ASBJ), and Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), jointly announced today an agreement to accelerate convergence between Japanese GAAP and International Financial Reporting Standards, a process that was started in March 2005.

The agreement reflects the growing acceptance of IFRS by major economies throughout the world, and it calls for the elimination by 2008 of major differences between Japanese GAAP and IFRS. The remaining differences will be removed by 30 June 2011.

Press release

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