Discussions at the Joint IASB-ASBJ Meeting

Representatives of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) held their fourteenth biannual meeting in London on 31 October and 1 November 2011.

IASB and ASBJ discussed the following topics:

- IFRS - US GAAP convergence,

- convergence of Japanese GAAP and IFRSs,

- interpretation and practical issues relating to the voluntary application of IFRSs in Japan,

- the IASB Agenda Consultation 2011, and

- major projects on the IASB's agenda including Financial instruments: impairment, Revenue recognition, Leases, and the exemption from consolidation for investment entities.

The IASB has posted to its website a press release with a summary of the discussions.