The convergence of Japanese GAAP and IFRS is
well under way to meet the June 2011 deadline.
The International Accounting Standards Board
(IASB) and the Accounting Standards Board of Japan (ASBJ) held
their 12th meeting where they outlined further convergence
activities and reviewed preparations for the adoption of the global
standards.
Representatives of both boards stated the
ASBJ’s participation in the IASB’s standard-setting process
contributes to the development of a single set of high quality
global accounting standards.
“We are pleased that we had extensive
discussions and exchanged our views on prioritised projects
currently being addressed by the IASB,” ASBJ chair Ikuo Nishikawa
said.
The next meeting will take place in April
2011.
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