NEWS RELEASE 03/08/13
Representatives of the Financial Accounting Standards Board and the
Accounting Standards Board of Japan Hold Biannual MeetingNorwalk,
CT, March 8, 2013—Representatives of the Financial Accounting Standards
Board (FASB) and the Accounting Standards Board of Japan (ASBJ) met on March 4
and 5, 2013, in Norwalk, Connecticut. This meeting was the fourteenth in a
series of biannual meetings between the FASB and the ASBJ.
The FASB and
the ASBJ, strongly acknowledging that high-quality global accounting standards
are necessary to improve the comparability of financial information across major
capital markets worldwide, have been holding biannual meetings as part of both
Boards´ efforts to facilitate the development of global accounting standards.
At this meeting, the FASB and the ASBJ both provided updates on their
respective activities, and discussed key issues about the conceptual framework,
which both Boards believe is essential to the development of high-quality global
accounting standards. In addition, the FASB and the ASBJ exchanged views on the
disclosure framework, based on the Invitation to Comment Disclosure Framework
issued by the FASB. The FASB and the ASBJ also discussed the following projects
that the FASB and the International Accounting Standards Board (IASB) are
and the ASBJ agreed that they would continue to meet to exchange views on issues
faced and potential future concerns.
- Financial instruments: classification and measurement (including the
FASB´s Exposure Draft and the IASB´s Exposure Draft)
- Financial instruments: impairment (including the FASB´s Exposure Draft and
the model that is being deliberated by the IASB)
- Leases (including the recent deliberations that will lead to the
Re-exposure Draft to be issued in the second quarter of 2013)
Leslie F. Seidman, Chairman of the
FASB, stated, "We had a very constructive meeting with members of the ASBJ on a
variety of topics, including financial instruments and leases. We also discussed
the development of a disclosure framework and the desirability of a
comprehensive, conceptual framework on which to base high quality global
accounting standards. Both the FASB and ASBJ look forward to actively
participating in the IASB conceptual framework project."
Chairman of the ASBJ, stated, "We had productive discussions on various topical
issues; in particular, the conceptual framework, which would provide direction
to the development of future accounting standards. The biannual meeting between
the FASB and the ASBJ is conducive to promoting high-quality global accounting
standards, given that the U.S. and Japan have two of the largest capital markets
in the world. We are committed to continuing our contribution to the development
of global accounting standards, and we look forward to playing our role in the
improvement of the conceptual framework."
The next joint meeting is
planned in the second half of 2013 in Tokyo.