ASBJ, FASB Meet; FEI Japan Inaugural Event Features Bolash, Danaher, Taub

Posted by accountingweb on Feb 18 2012 980 printer friendly

Last week, representatives of the Accounting Standards Board of Japan (ASBJ) [1] and the Financial Accounting Standards Board (FASB [2]) held the twelfth in a series of biannual meetings.

As noted in the press release (see ASBJ press release [3]; FASB press release [4]):

The ASBJ supports the efforts by the FASB and the International Accounting Standards Board (IASB) to develop high-quality global accounting standards and is working on its projects to achieve convergence between Japanese GAAP and International Financial Reporting Standards (IFRSs), taking into consideration the progress of the joint projects by the FASB and the IASB....

Representatives of the ASBJ and the FASB agreed that their ongoing discussions are useful in promoting mutual understanding on the significant items to be improved with the IASB that will contribute to subsequent deliberations at the FASB and the ASBJ and to the future development of high-quality accounting standards. The ASBJ and the FASB agreed that they would continue to exchange views on issues faced and potential future concerns...

The respective chairmen of the two boards spoke highly of the value of the joint meetings.

Ikuo Nishikawa, Chairman of the ASBJ, stated, “In times of changing environments of global accounting standards, we had constructive discussions with the representatives of the FASB regarding financial instruments, revenue recognition and leases, most of which are of high interest to Japanese constituents. We believe that the discussions in this meeting contribute to the finalization of convergence projects between the FASB and the IASB and the development of high-quality global standards.”

Leslie F. Seidman, Chairman of the FASB, stated, “Our ongoing dialogue with the ASBJ has led to a deeper appreciation of the issues that both the U.S. and Japan face in working toward our common goal of developing high-quality, comparable accounting standards. Our discussions this week were very informative and will help us achieve that goal.”

Read more about the points of focus discussed at the ASBJ-FASB joint meeting in the organizations' press releases linked above.

FEI Japan Chapter Launches With Roundtable on Feb. 22: Featured Speakers Bolash, Danaher and Taub

As previously reported in this blog [5], FEI is launching a new international chapter, FEI Japan, later this month.
The Feb. 22 inaugural event, sponsored by FEI [6] and Keidanren [7], is a Technical Roundtable on IFRS and How it Relates to the U.S. and Japan [8].

Featured speakers at the FEI Japan event include Christopher Bolash, Partner, Advisory Services, Ernst & Young, LLP, Mitch Danaher, Deputy Comptroller, General Electric Company, and Scott Taub, Managing Director, Financial Reporting Advisors, and former deputy Chief Accountant of the U.S. Securities & Exchange Commission.

Questions about FEI Japan Chapter should be directed to Nancy Ehlers, Manager Professional Development, at FEI nehlers@financialexecutives.org [9] (973) 765.1049.