FASB and ASBJ Hold Biannual Meeting

On October 26–27, 2020, the FASB held a virtual meeting with the Accounting Standards Board of Japan (ASBJ). The meeting is the 28th in a series of biannual meetings the two standard setters hold to further their “cooperative efforts to develop high-quality global accounting standards.”

Topics addressed at the meeting included the two boards’ responses to the COVID-19 pandemic, the accounting for goodwill, the equity method of accounting, and the FASB’s exposure draft on the “Elements” chapter of the Conceptual Framework for Financial Reporting.

The next meeting between the FASB and ASBJ is expected to be held in the first half of 2021. For more information about the latest meeting, see the press release on the FASB’s Web site.