Representatives of the Financial Accounting Standards Board and the
Accounting Standards Board of Japan Hold Biannual Meeting
Norwalk,
CT—October 18, 2013—Representatives of the Financial Accounting
Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) met on
October 15 and 16, 2013, in Tokyo, Japan. This meeting was the fifteenth in a
series of biannual meetings between the FASB and the ASBJ.
The FASB and
the ASBJ have been cooperating closely for the development of high-quality
global accounting standards. At this meeting, the FASB and the ASBJ both
provided updates on their respective activities, and exchanged views on the
opportunities for cooperation among the interested organizations, including
national accounting standard-setters.
The FASB and the ASBJ discussed
leases and insurance contracts, both of which the FASB and the IASB are
currently deliberating jointly, as well as the conceptual framework and macro
hedging which the IASB is currently deliberating. In addition, the FASB and the
ASBJ discussed several research topics.
The FASB and the ASBJ agreed that
they would continue to exchange views on issues faced and potential future
concerns. The next meeting is planned in the first half of 2014 in Norwalk.
Russell G. Golden, Chairman of the FASB, stated, "We at the FASB strongly
believe that our regular discussions with the ASBJ will help us improve U.S.
GAAP, and will contribute to the development of more comparable, high-quality
global accounting standards. We look forward to increased consultation and
cooperation with standard setting authorities in Japan and in other major
capital markets around the world.”
Ikuo Nishikawa, Chairman of the
ASBJ, stated, "I am very pleased to hold the periodic meeting in Tokyo with the
newly appointed Chairman, Mr. Russell Golden. It was extremely meaningful for
us to exchange views on the main issues with the representatives of the FASB
while the FASB is addressing those issues to improve international accounting
standards under the leadership of Mr. Golden.”
Contacts:
Takao Kamiya, Director, Accounting Standards Board of Japan
Telephone: +81.3.5510.2737
Email: t.kamiya@asb.or.jp
Robert W. Stewart, Vice President, Communications, Financial Accounting
Foundation
Telephone: 203.956.3451
Email: rwstewart@f-a-f.org
About the Accounting Standards Board of
Japan
The Accounting Standards Board of Japan (ASBJ) was
established in July 2001 as a private-sector organization. Accounting standards
developed by the ASBJ are to be authorized by the Financial Services Agency as
part of generally accepted accounting principles. The ASBJ develops accounting
standards and implementation guidance that appropriately reflect the environment
in which business enterprises operate. The ASBJ also communicates with
corresponding organizations abroad and contributes to the development of global
accounting standards. For more information about the ASBJ, visit its website at
https://www.asb.or.jp/asb/top_e.do.
About the
Financial Accounting Standards Board
Since 1973, the Financial
Accounting Standards Board has been the designated organization in the private
sector for establishing standards of financial accounting and reporting. Those
standards govern the preparation of financial reports and are officially
recognized as authoritative by the Securities and Exchange Commission and the
American Institute of Certified Public Accountants. Such standards are essential
to the efficient functioning of the economy because investors, creditors,
auditors, and others rely on credible, transparent, and comparable financial
information. For more information about the FASB, visit our website http://www.fasb.org/.