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IASB convergence project with Japan

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13 Oct 2004

The International Accounting Standards Board and the Accounting Standards Board of Japan (ASBJ) have held the first meeting to plan a joint project aimed at minimising differences between IFRSs and Japanese accounting standards towards a final goal of convergence of their standards.

Sir David Tweedie, IASB Chairman, said: "The decision of the ASBJ to join with us to examine the differences between our standards and, where the economic facts are similar, to discuss which of our two methods best reflects economic reality is a major boost for the convergence of accounting standards worldwide. I applaud the decision of the ASBJ to take this historic step." Click for IASB Press Release (PDF 16k).

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