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ASBJ and FASB meet to discuss convergence

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  • United States Image

Feb 10, 2012

Representatives of the Accounting Standards Board of Japan (ASBJ) and the FASB met on February 6 and 7, 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. In addition, the ASBJ and the FASB exchanged views on the credit impairment model for financial assets, classification and measurement of financial instruments, and the 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 the FASB press release (link to the FASB's Web site).

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