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Japanese GAAP, IFRS Convergence Progressing as Planned Apr. 21, 2008 (SmartPros) The International Accounting Standards Board and the Accounting Standards Board of Japan (ASBJ) held their second meeting earlier this month in Tokyo to accelerate convergence between Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). The boards confirmed that the "Tokyo Agreement"convergence project to eliminate major differences between Japanese GAAP and IFRSs by the end of 2008 is progressing in line with the project plan. In addition, representatives of the IASB explained the progress of certain technical items and projects, including consolidation, revenue recognition, insurance contracts, liability and equity, and financial statement presentation. Representatives of the boards also exchanged views on the recent international credit crisis. According to IASB Chairman Sir David Tweedie, 109 countries now use international standards. "Following the signing of the Tokyo Agreement, we are delighted to return to Tokyo to have further in-depth discussions with our colleagues at the ASBJ. These discussions covered the key projects we hope to complete before mid-2011 and the manner in which Japan will converge its standards with IFRSs." This was the seventh meeting between the two boards. The next joint meeting is scheduled for September 2008 in London. 2008 SmartPros Ltd. All rights reserved. |
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