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IASB convergence agreement with Japan

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08 Aug 2007

The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) have jointly announced an agreement to accelerate convergence between Japanese GAAP and International Financial Reporting Standards (IFRSs), a process that was started in March 2005.

As part of the agreement the two boards will seek to eliminate by 2008 major differences between Japanese GAAP and IFRSs (as defined by the July 2005 CESR Assessment of Equivalence), with the remaining differences being removed on or before 30 June 2011. Although the target date of 2011 does not apply to any major new IFRSs now being developed that will become effective after 2011, both boards will work closely to ensure the acceptance of the international approach in Japan when new standards become effective.

Click to Download the Press Release and Agreement (PDF 54k).

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