ASBJ and IASB review progress in achieving convergence in accounting standards

11 September 2008

The ASBJ will continue to make progress on the convergence towards 2011 in the light of the IASB’s new work plan, Ikuo Nishikawa, Chairman of the ASBJ, said.

The Accounting Standards Board of Japan and the IASB held their eighth meeting in London to accelerate convergence between Japanese GAAP and IFRSs. “The ASBJ will continue to make progress on the convergence towards 2011 in the light of the IASB’s new work plan”, Ikuo Nishikawa, Chairman of the ASBJ, said.

 

The deadline for the convergence project to eliminate major differences between Japanese GAAP and IFRSs in use by the end of 2008 was confirmed. The representatives of the ASBJ also explained that the ASBJ will address convergence of accounting standards actively through the publication of discussion papers on the topics described in the MOU, such as financial instruments and post-retirement benefits, which will be developed on the basis of the IASB’s discussion papers.

 

Representatives exchanged views on:

• Conceptual framework
• Financial instruments (replacement of existing standards)
• Liability and equity
• Post-employment benefits (including pensions)

 

 

The next joint meeting is scheduled for March 2009 in Tokyo, Japan

 

Press release

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