NEWS RELEASE 09/17/12
Representatives of the Financial Accounting Standards Board and the
Accounting Standards Board of Japan Hold Biannual MeetingNorwalk,
CT, September 17, 2012—Representatives of the Financial Accounting
Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) met on
September 13 and 14, 2012, in Tokyo, Japan. This meeting was the thirteenth in a
series of biannual meetings between the FASB and the ASBJ.
The FASB has
been actively holding joint meetings with the International Accounting Standards
Board (IASB) to improve and converge U.S. GAAP and International Financial
Reporting Standards (IFRS).
The ASBJ supports this effort by the FASB
and the IASB towards developing high-quality global accounting standards and has
been actively involved with their ongoing developments.
At this meeting,
the FASB and the ASBJ provided updates on their recent activities, respectively,
and exchanged views on the opportunities for continuing cooperation among the
interested organizations, including national accounting
The FASB and the ASBJ also discussed the following
projects currently under the deliberations by the FASB and the IASB:
Furthermore, the FASB and the ASBJ exchanged views on the FASB´s
Invitation to Comment, Disclosure Framework, and several research
- Financial instruments : classification and measurement (including the
recent tentative decisions by the FASB and the IASB)
- Financial instruments : impairment (including the recent tentative
decisions by the FASB and the IASB)
- Revenue recognition (including the redeliberation items)
- Leases (including the recent deliberations that will lead to the
re-exposure draft to be issued in the fourth quarter of 2012)
The ASBJ and the FASB agreed that they would continue to exchange
views on issues faced and potential future concerns.
Leslie F. Seidman,
Chairman of the FASB, stated, "We look forward to continuing to work
cooperatively with the ASBJ to share information about financial reporting. For
many years, the FASB and the ASBJ have met periodically to share our technical
perspectives, as well as the views of companies, auditors and others in our
countries. The FASB and the ASBJ are both active participants in the
International Forum of Accounting Standard Setters, and I know we find those
meetings relevant and helpful in working through issues. We envision that the
IASB can leverage the progress of strong national or regional standard setters
to advance the development of standards in other areas."
Chairman of the ASBJ, stated, "We had productive discussions with the
representatives of the FASB regarding the common concerns within both the U.S.
and Japan in relation to the development of global accounting standards, at a
time when situations surrounding accounting standards are changing in both
countries. We are committed to continue to contribute to the international
development of accounting standards by having the opportunity to hold
constructive discussions with the FASB, including this biannual
The next joint meeting is planned in the first half of 2013 in