Biannual Meeting between Representative of the Financial Accounting Standards Board and Accounting Standards Boards of Japan Ends in Norwalk
The representative of the financial accounting standards board (FASB) and the accounting standards board of Japan (ASBJ) convene together to share knowledge, respective activities and share their views on different technical aspects where both organizations have common interest. This is the sixteenth biannual meeting between them. Both the organizations organize a series of biannual meeting for a long time to show their collaborative efforts to develop the quality global accounting standards.
At this meeting, both organizations discussed about the conceptual framework related to leases and rate regulated activities where IASB is currently working with different financial instruments, goodwill and disclosure framework. In this meeting FASB and ASBJ discussed about their knowledge exchange. Both organizations are ready to share their views on different issues they recently faced and their potential future concerns. According to the officials the next meeting will take place in the second quarter of 2014 in Tokyo.
According to the chairman of FASB Russell G. Golden: the meeting was successful and it is a valuable knowledge exchange process for both organizations. The FASB wishes its best regards to Mr. Ikuo Nishikawa for his excellent service and continue the journey with Mr. Ono to improve the accounting and financial reporting standards across the globe. He expects that FASB and ASBJ will build a strong relationship under the chairmanship of Mr. Golden and Mr. Ono.
According to Yukio Ono (Chairman of the ASBJ): FASB and ASBJ further continuously replenish their relationship in order to build the quality global accounting standards and contribute to the capital markets and that can be done through periodic meetings between both organizations. He finally added: both organizations should develop a strong relationship with close communication.