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."
Masahiro Kawanishi, Senior Project Manager, Accounting Standards Board of Japan
Christine L. Klimek, Senior Manager, Media Relations, Financial Accounting Foundation/Financial Accounting Standards Board