Japanese and United States standard-setters meet to discuss global convergence

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17 Aug 2010

Representatives of the Accounting Standards Board of Japan (ASBJ) and United States Financial Accounting Standards Board (FASB) met on 12-13 August 2010 to discuss global convergence of accounting standards.

The meeting, held in Tokyo, discussed recent developments in both boards' convergence projects with the IASB, as well as the IASB's projects on financial instruments, revenue recognition and leases.

Ikuo Nishikawa, Chairman of the ASBJ, commented:


We commend the FASB's continuing work on convergence with the IASB towards a single set of high-quality, global accounting standards. We would also like to support the FASB's efforts to reconcile differences with the IASB to develop converged guidance on the accounting for financial instruments.

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