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Accounting Standards Board of Japan updates its work plan

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18 Mar 2011

The Accounting Standards Board of Japan (ASBJ) has released its latest summary of standards development and its project plan.

The project plan discusses items related to the remaining differences between existing Japanese GAAP and IFRSs, projects being addressed in the Memorandum of Understanding (MoU) between the IASB and FASB and other projects. A number of controversial global developments are discussed, including the proposals in the IASB's post-employment benefits project regarding remeasurement, which the plan states "may become a difficult obstacle for convergence in Japan". The need for convergence between the IASB and FASB in relation to financial instruments is also cited as "an area of the greatest need for their convergence".

The project plan notes the following:

"2011 is the year for significant change in the IASB's leadership. Accordingly, the IASB's Work Plan does not show the timetable for 2012 and beyond. In Japan, market participants expect that within this year the uncertainty about the use of IFRSs would be eliminated. The Business Council of Financial Services Agency will also resume its deliberation. The convergence efforts by the ASBJ including the MoU projects need to be carried on taking account of the direction of the discussions at the Council. Consideration is needed about the pace and the expected effective dates for the development of standards and we need to extensively listen to views from market participants."

Click for ASBJ project plan (link to ASBJ website).

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