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September 18, 2012

FASB, ASBJ renew joint global accounting efforts

The Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) have renewed their joint efforts on the development of global accounting standards.

The thirteenth biannual meeting held in Tokyo is the first one held since the Japanese government announced in June it would extend the 2016 deadline agreed to adopt IFRS for publicly traded companies.

Japanese companies still report under Japanese GAAP as business leaders have expressed their opposition to move to IFRS at a time when the economy is still recovering from the earthquake and subsequent nuclear disaster in Fukushima.

While the US has yet to make a decision on whether or not it plans to adopt IFRS in the future despite increasing pressure for it to do so this year.

FASB chairman Leslie Seidman said it “envisions that the International Accounting Standards Board (IASB) can leverage the progress of strong national or regional standard setters to advance the development of standards in other areas”.

ASBJ chairman Ikuo Nishikawa commented that the meeting with FASB was remarkably productive giving the boards an opportunity to discuss “the common concerns within both the US and Japan in relation to the development of global accounting standards”.

During the meeting both standard setters discussed different ongoing projects that the IASB is working on at the moment such as financial asset impairment, revenue recognition and leases.

Next meeting between the ASBJ and the FASB is planned in 2013 in the US.

 

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