Representatives of the Financial Accounting Standards Board (FASB) and
the Accounting Standards Board of Japan (ASBJ) met on January 18 and 19,
2017 in Tokyo, Japan. This meeting was the twenty-first 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 performance reporting, goodwill and intangible
assets, and negative interest rates.
The FASB and the ASBJ plan to continue to exchange views. The next meeting is planned in the second half of 2017 in Norwalk.
Russell G. Golden, Chair of the FASB, stated, “Our joint meetings with
the ASBJ provide us with important perspectives on topics that help us
improve our respective standards while promoting more comparable
standards worldwide. We value our continued partnership with the ASBJ,
and we look forward to future meetings with the Board.”
Yukio Ono, Chairman of the ASBJ, stated, “We had productive discussions
on matters that the FASB may put on its agenda, and on matters related
to new economic events. Both the FASB and the ASBJ being private
accounting standard setters, I hope that discussions in this form will
continue to contribute to the development of high-quality global
accounting standards by addressing issues arising in capital markets.”
Contacts:
Masahiro Kawanishi, Director, 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
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 (FASB)
Established in 1973, the FASB is the independent, private-sector
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.