Representatives of the Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) gathered this week in Tokyo for a joint meeting to discuss global convergence.
Led by Robert H. Herz, chairman of the FASB, and Ikuo Nishikawa, chairman of the ASBJ, the meeting was the fifth in a series of discussions between FASB and ASBJ designed to enhance dialogue between the two Boards in their shared pursuit of global convergence of accounting standards. Mr. Tatsumi Yamada, Board member of the International Accounting Standards Board (IASB), also attended as an observer at the meeting.
Convergence--the development of a common set of high-quality accounting standards for both domestic and international use--has been a major initiative of the FASB and ASBJ. Working in partnership with the IASB, the organizations believe that common financial reporting across the major business and capital markets of the world is a critical component in providing credible, comparable, conceptually sound, and usable financial information.
As part of the meeting, representatives of the ASBJ described their project plan issued in December 2007, in accordance with the content of the "Tokyo Agreement," which was announced by the ASBJ and IASB in August 2007. Representatives of the FASB described its strategy towards global convergence and the recent discussion about updating the 2006 Memorandum of Understanding between the FASB and IASB. They also discussed the recent international credit crisis.
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