FASB and ASBJ Hold Biannual Meeting

On June 1, 2020, the FASB held a virtual meeting with the Accounting Standards Board of Japan (ASBJ). The meeting is the 27th in a series of biannual meetings the two standard setters hold to further their “cooperative efforts to develop high-quality global accounting standards.”

The two boards informed each other about the effects of the COVID-19 pandemic on their respective accounting standards and exchanged views on technical topics in which they both have an interest, including (1) accounting for goodwill and intangibles and (2) financial performance reporting and disclosures.

The next meeting between the FASB and ASBJ is expected to be held in the second half of 2020. For more information about the latest meeting, see the press release on the FASB’s Web site.