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

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

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

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.