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ASBJ and FASB continue discussions

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18 Sep 2012

The thirteenth meeting between representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) was held in Tokyo on 13-14 September 2012. The meeting saw updates on each board's respective standard setting activities, an exchange views on the IASB's activities, discussion on common concerns, and contemplation on continuing cooperation between national standard setters.

The ASBJ and FASB discussed a number of the IASB's projects, including the limited reconsideration of IFRS 9, financial asset impairment, revenue recognition and leases.  Additionally, the representatives discussed the FASB's disclosure framework project, which is an area of broad interest which the IASB has also signalled an intention to address.

The ASBJ and FASB will continue to meet, with another meeting to be scheduled for the first-half of 2013.  Click for press release (link to ASBJ website).

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