Discussions at the joint IASB-ASBJ meeting
Representatives of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) held their fourteenth biannual meeting in London on 31 October and 1 November 2011.
IASB and ASBJ discussed the following topics:
- IFRS - US GAAP convergence,
- convergence of Japanese GAAP and IFRSs,
- interpretation and practical issues relating to the voluntary application of IFRSs in Japan,
- the IASB Agenda Consultation 2011, and
- major projects on the IASB's agenda including Financial instruments: impairment, Revenue recognition, Leases, and the exemption from consolidation for investment entities.
The IASB has posted to its website a press release with a summary of the discussions.