The Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) have held their 36th bilateral meeting in Norwalk, Connecticut, US, furthering their cooperation on the development of “high-quality” global accounting standards.
The ASBJ sets accounting standards in Japan in line with the due process rules for Japanese generally accepted accounting principles and Japan’s Modified International Standards, as established by the Financial Accounting Standards Foundation.
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During the meeting in Norwalk, representatives of the two boards exchanged updates on their respective standard-setting activities.
They also discussed topics of mutual interest including business combinations and financial instruments.
ASBJ chair Yasunobu Kawanishi said: “We would like to express our sincere appreciation to the FASB for hosting this bilateral meeting in Norwalk.
“We had constructive discussions on a wide range of topics, which provided us with a valuable opportunity to deepen our understanding of these technical issues and to exchange perspectives.
“We look forward to continuing our close dialogue and further strengthening our collaborative relationship in the years ahead.”
The two boards intend to maintain their regular exchanges. Their next bilateral meeting is planned for the first half of 2027 (H1 2027) in Tokyo.
FASB chair Richard R. Jones said: “We were pleased to welcome the ASBJ to Norwalk for productive discussions on important financial reporting matters on our respective agendas.
“These meetings provide a valuable opportunity to exchange perspectives on standard-setting projects of mutual interest, including technical projects and the FASB’s research on current trends and emerging issues affecting global capital markets.
“I thank chair Kawanishi and his board colleagues for their continued engagement as we advance our shared commitment to developing and supporting standards that provide useful information to investors worldwide.”
Last month, the FASB opened a public consultation on a proposed Accounting Standards Update aimed at changing how investment companies value restricted equity securities.
