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.