Report from last week's meeting of IASB and ASBJ

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03 Oct 2007

The IASB met with representatives of the Accounting Standards Board of Japan (ASBJ) in London on 27 and 28 September 2007 to discuss progress on convergence of Japanese GAAP and IFRSs.

The discussions included a review of short-term convergence projects, where the goal is to eliminate major differences by the end of 2008, as well as other major projects including segment reporting, intangible assets, special purpose entities and business combinations where the goal is to eliminate major differences by June 2011. In addition, the representatives of the boards exchanged views on the current status of their work on consolidation, liabilities and equity, and revenue recognition. Click for IASB News Release (PDF 48k).

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