Representatives of the Financial Accounting Standards Board
and the
Accounting Standards Board of Japan Hold Biannual Meeting
Representatives of the Financial Accounting Standards Board (FASB) and the
Accounting Standards Board of Japan (ASBJ) met on June 8 and 9, 2015 in Norwalk.
This meeting was the eighteenth in a series of biannual meetings between the
FASB and the ASBJ to further the Boards’ cooperative efforts to develop
high-quality global accounting standards.
At this meeting, the FASB and
the ASBJ both provided updates on their respective activities, and discussed
agenda items in which both Boards have interest, including the conceptual
framework, the disclosure framework, revenue recognition and the Boards’ due
process.
The FASB and the ASBJ agreed that they would continue to
exchange views. The next meeting is planned in the first quarter of 2016 in
Tokyo.
Russell G. Golden, Chairman of the FASB, stated, “The biannual
meetings of the ASBJ and the FASB are important in developing the
highest-quality standards for our respective jurisdictions while promoting
global comparability in financial reporting. Sharing views with the ASBJ helps
us improve GAAP, and we look forward to continuing these meetings for many years
to come.”
Yukio Ono, Chairman of the ASBJ, stated, “We had a fruitful
discussion on matters of interest to both Boards. I am especially delighted to
have the opportunity to discuss views on the Boards’ due process to develop
high-quality accounting standards as well as technical topics. I hope that this
form of discussion will continue to contribute to the development of
high-quality global accounting standards.”
Contacts:
Takao Kamiya, Director, Accounting Standards Board of Japan
Telephone: +81.3.5510.2737
Email: t.kamiya@asb.or.jp
Robert W. Stewart, Senior Vice President, Public Affairs, 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 at http://www.fasb.org/.