January 15, 2016
Representatives of the Financial Accounting Standards Board (FASB) and
the Accounting Standards Board of Japan (ASBJ) met on January 14 and 15,
2016 in Tokyo, Japan. This meeting was the nineteenth 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, amortization of
goodwill, and revenue recognition.
The FASB and the ASBJ plan to continue to exchange views. The next meeting is planned in the second half of 2016 in Norwalk.
Russell G. Golden, Chairman of the FASB, stated, "Our meetings with the
ASBJ on accounting topics of mutual interest provide us with valuable
insights on how to improve our respective standards while increasing
comparability across international borders. We look forward to
continuing these biannual discussions with the ASBJ so that we can
further improve financial reporting standards for investors and other
financial statement users worldwide."
Yukio Ono, Chairman of the ASBJ, stated, "We had a productive discussion
on matters of interest to both Boards. Above all, it was extremely
meaningful for us to be able to better understand the usefulness of
financial information arising from the amortization of goodwill. I hope
that this form of discussion will continue to contribute to the
development of high-quality global accounting standards."
Contacts:
Masahiro Kawanishi, Senior Project Manager, Accounting Standards Board of Japan
Telephone: +81.3.5510.2756
Email: m.kawanishi@asb.or.jp
Christine L. Klimek, Senior Manager, Media Relations, Financial Accounting Foundation/Financial Accounting Standards Board
Telephone: 203-956-3459
Email: clklimek@f-a-f.org