Representatives from the Accounting Standards Board (AcSB) and the Accounting Standards Board of Japan (ASBJ) met for their first bilateral meeting to discuss opportunities for cooperation.

At a meeting held in Toronto, Canada, on 13 January, the two Boards introduced their financial reporting frameworks and discussed specific technical topics in which both boards have interest, such as insurance, revenue recognition and leases.

AcSB chair Linda Mezon said: “Collaborating with national standard setters across the world on a regular basis has become a key part of the AcSB’s process – contributing to the success of the standards we set in this globalised world.

“Our meeting with the ASBJ has illustrated that we have a strong common interest in supporting the global comparability of financial reporting. I look forward to many more opportunities for discussions in the future.”

ASBJ chair Atsushi Kogasaka said: “This meeting was very meaningful to the ASBJ because we were able to deepen our understanding of the financial reporting systems of our respective countries and to share the technical views of preparers, users and others in our respective countries.”