Representatives of accounting standards boards meet in Tokyo
TOKYO —
Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) met on last week in Tokyo. This meeting was the eleventh in a series of discussions between the ASBJ and the FASB.
The FASB and the International Accounting Standards Board (IASB) have been actively holding joint meetings with the aim of issuing final standards to improve and converge U.S. GAAP and International Financial Reporting Standards (IFRSs).
The ASBJ supports the efforts by the FASB and the IASB toward developing high-quality global accounting standards and is making progress with its projects to achieve convergence between Japanese GAAP and IFRSs, taking into consideration the progress of the joint projects by the FASB and the IASB.
At this meeting, the ASBJ and the FASB updated each other with the recent developments in their respective convergence projects with the IASB. Furthermore, the ASBJ and the FASB exchanged views on the following projects undertaken by the FASB and the IASB:
—Financial instruments (including the credit impairment model for financial assets and the classification and measurement of financial assets and financial liabilities)
—Revenue recognition (including the recent deliberations that will lead to the re-exposure draft to be issued in the third quarter of 2011)
—Leases (including the recent deliberations that will lead to the re-exposure draft to be issued in the fourth quarter of 2011)
—Insurance contracts (including the accounting for the effects of changes arising from the remeasurement of insurance contract liabilities)
Leslie F. Seidman, Chairman of the FASB, stated, “Our ongoing dialogue with the ASBJ has contributed to a deeper understanding of the issues that both Japan and the United States face in working toward the mutual goal of creating high-quality, comparable accounting standards. As a result of these discussions, I believe we will be able to move closer to achieving that goal.”
The next joint meeting is planned in the first quarter of 2012 in Norwalk, Connecticut.
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ironchef
zzzzzzzzzzzz
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perrau
Actually the main issue in Japan is taxation. The prime objective of accounting in Japan so far has been to calculate the tax liabilities. The Japanese GAAP is a tax driven GAAP. If the basic perspective is not changed it will be very difficult to converge with US GAAP or IFRS who are more share holder value driven.
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