The US Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) have held a thirty-fifth bilateral meeting in Tokyo, Japan. 

This is part of their cooperative work on the development of “high-quality global accounting standards,” the bodies said in a joint statement.  

During the meeting, both boards exchanged updates on their respective activities and engaged in discussions on shared agenda items.  

The items include the topics of agenda consultation, business combinations, and the treatment of environmental credit programmes upon their common interests. 

FASB chair Richard Jones said: “We extend our thanks to Chair Kawanishi and the ASBJ for hosting our 2025 bilateral meeting in Tokyo. Our discussions on standard-setting projects of mutual interest, such as environmental credit programmes, business combinations, and our 2025 agenda consultation project, produced valuable insights on financial reporting improvements.  

“The FASB also appreciated the opportunity to participate in the ASBJ roundtable meeting to hear feedback on projects that affect constituents in our respective jurisdictions.”  

The FASB and ASBJ have scheduled their next meeting for the second half of 2026 in Norwalk, the US. 

ASBJ chair Yasunobu Kawanishi stated: “During the bilateral meeting, we had productive discussions on a wide range of topics, including the agenda consultation, business combinations and environmental credit programmes.  

“We are also grateful for the FASB representatives’ participation in the symposium that was open to the public. We look forward to continuing and further deepening our collaborative relationship with the FASB in the coming years.” 

In May2025, the FASB issued an Accounting Standards Update (ASU), which amends the requirements for identifying the accounting acquirer in business combinations under FASB Accounting Standards Codification Topic 805.