Convergence with IFRSs in Japan

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09 May 2003

The Accounting Standards Board of Japan (ASBJ) has taken issue with the GAAP Convergence 2002 Report published by the International Forum for Accountancy Development because it classifies Japan among "countries which do not currently intend to converge with IAS".

The ASBJ is concerned that the report "might cause unnecessary confusion about our stance on convergence". In a statement distributed at the 24 April 2003 meeting of the IASB and its liaison standard-setters in London and posted on the ASBJ website, the ASBJ states that harmonisation with international standards is a primary concern and cites several of its recent standards as "similar" to IFRS. Click for the complete ASBJ Statement.

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