Japan and EC discuss accounting progress

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30 Nov 2006

Officials from the Japanese Financial Services Agency and the European Commission met in Tokyo on 27 November 2006 to discuss the progress made by Japan towards converging with International Financial Reporting Standards.

Participants also discussed consistency in the interpretation and application of both standards. Japan is seeking recognition of Japanese GAAP as equivalent to IFRSs for the purpose of filings by Japanese companies listed in the European Union. The EC explained its intention to defer the equivalence assessment until 2009, and highlighted the importance of continued effort towards accelerating the convergence and ensuring the consistent application of the accounting standards. The JFSA detailed the time-framed convergence programme of the Accounting Standards Board of Japan. The two groups plan to meet twice yearly, with the next meeting planned for the first half of 2007. Click for Press Release (PDF 22k).

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