ASBJ and FASB meet to discuss convergence
Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) met on 6 and 7 February 2012, in Norwalk, Connecticut. This meeting was the twelfth in a series of discussions between the ASBJ and the FASB.
At this meeting, the ASBJ and the FASB updated each other with the recent developments in their respective convergence projects with the IASB. Furthermore, the ASBJ and the FASB exchanged views on the credit impairment model for financial assets, classification and measurement of financial instruments and insurance contracts, hedge accounting, revenue recognition, leases and investment companies projects being undertaken by the FASB and the IASB.
The next joint meeting is planned in the second half of 2012 in Tokyo, Japan.
Click for FASB press release (link to the FASB website).