Representatives of the Financial Accounting Standards Board
and the Accounting Standards Board of Japan Hold Biannual Meeting
Norwalk, CT, July 26, 2017—Representatives of the
Financial Accounting Standards Board (FASB) and the Accounting Standards
Board of Japan (ASBJ) met on July 24 and 25, 2017 in Norwalk, CT. This
meeting was the 22nd 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, performance reporting
and disclosures, revenue recognition, equity method of accounting, and
rate-regulated activities.
The FASB and the ASBJ plan to continue to exchange views. The next meeting is planned in January 2018 in Tokyo.
Russell G. Golden, Chairman of the FASB, stated, "Our biannual meetings
with the ASBJ continue to provide the FASB with valuable perspectives on
standard-setting issues of mutual interest. This exchange of ideas
helps us identify opportunities to improve and achieve greater
comparability in our standards for the benefit of our respective
stakeholders and investors worldwide."
Yukio Ono, Chairman of the ASBJ, stated, "It was very meaningful for us
to have productive discussions with the FASB on a broad range of issues,
from the elements of financial statements to presentation and
disclosure, all of which are important to ensure high-quality accounting
standards and comparability at a global level. I hope that this form
of discussion will continue to contribute to the development of
high-quality global accounting standards."
Contacts:
Nami Yamaguchi, Project Manager, Accounting Standards Board of Japan
Telephone: +81.3.5510.2732
Email: n.yamaguchi@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
About the Accounting Standards Board of Japan (ASBJ)
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/en.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector,
not-for-profit organization based in Norwalk, Connecticut, that
establishes financial accounting and reporting standards for public and
private companies and not-for-profit organizations that follow Generally
Accepted Accounting Principles (GAAP). The FASB is recognized by the
Securities and Exchange Commission as the designated accounting standard
setter for public companies. FASB standards are recognized as
authoritative by many other organizations, including state Boards of
Accountancy and the American Institute of CPAs (AICPA). The FASB
develops and issues financial accounting standards through a transparent
and inclusive process intended to promote financial reporting that
provides useful information to investors and others who use financial
reports. The Financial Accounting Foundation (FAF) supports and oversees
the FASB. For more information, visit www.fasb.org.