The Accounting Standards Board of Japan and
the Institute of Chartered Accountants of India have launched a
joint IFRS working group. The first meeting was held in Tokyo in
July.
India is represented in the group by Ministry
of Corporate Affairs secretary Shri Bandyopadyay, the Comptroller
and Auditor General of India, the Securities and Exchange Board of
India, the Reserve Bank of India, the National Stock Exchange and
regulators from the pension and insurance sectors.
Japan is represented in the group by the
Financial Accounting Standards Foundation, the Japan Business
Federation, the Japanese Institute of Certified Public Accountants,
Tokyo Stock Exchange and the Financial Services Agency.
The working group will focus on:
- Legal, regulatory and other issues arising
out of application of or convergence with IFRS and to explore the
possibilities of mutual co-operation in this behalf; - Addressing critical issues relating to
application of or convergence with IFRS; and, - Fostering a strong and cohesive profession by
providing leadership on emerging issues, co-ordinating with global,
regional, intra-regional organisations, member bodies and
associates to achieve appropriate strategic objectives.
The two countries also committed to continuing
dialogue on areas of mutual interest in accounting, auditing and
other financial reporting areas.
The next meeting will be held in India in
2011.
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