On 23 September in London , the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) held the second joint meeting towards the final goal of convergence of their accounting standards. Sir David Tweedie, Chairman, four board members and staff on behalf of the IASB and Professor Shizuki Saito, Chairman, Ikuo Nishikawa, Vice-chairman, and staff on behalf of the ASBJ attended.
Following the last meeting in March, representatives of both boards exchanged views on the basic philosophies or Frameworks underlying their respective accounting standards, hedge accounting, and accounting for asset removal obligations for mutual understanding. They also informed each other of their deliberations on five topics for the first phase (measurement of inventories, segment reporting, related party disclosures, unification of accounting policies applied to foreign subsidiaries, and investment property) and confirmed progress toward the convergence of each standard.
See full Press Release.
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