Outcome of IASB-ASBJ convergence meeting

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12 Apr 2005

The Accounting Standards Board of Japan has released a Summary of the March 2005 Convergence Meeting (PDF 57k) between the ASBJ and the IASB in Tokyo.

The summary indicates that the two boards agreed to pursue convergence issues in the following five standards in the first phase of the project:
  • Measurement of inventories (IAS 2)
  • Segment reporting (IAS 14)
  • Related party disclosures (IAS 24)
  • Unification of accounting policies applied to foreign subsidiaries (IAS 27)
  • Investment property (IAS 40)
The ASBJ announcement states that while the two boards have agreed on these five topics, "how to proceed further will be announced when it becomes clearer." The next convergence meeting between the two Boards will take place in London in September 2005. Click to go to our Japan Page.

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