On 1 and 2 March 2006 in Tokyo, the Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) held the third joint meeting towards the final goal of achieving convergence between Japanese GAAP and International Financial Reporting Standards (IFRSs). Four board members including Professor Shizuki Saito, Chairman, and staff on behalf of the ASBJ and four board members including Sir David Tweedie, Chairman, and staff on behalf of the IASB attended the meeting.
Update of the current development
The ASBJ and the IASB shared with each other the progress that has been made on the first six items, which are valuation method of inventories, segment reporting, related party disclosures, uniformity of accounting policies on overseas subsidiaries, investment property, and cost of issuing new shares.
See full Press Release, in pdf format.
Also see ACCA Press Release.
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