FASB and ASBJ 'benefiting from ongoing talks'

Representatives of the US Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) have met to discuss the pursuit of the global convergence of accounting standards.

The two bodies agreed that their ongoing talks are useful in creating a mutual understanding between them.

Ikuo Nishikawa, chairman on the ASBJ, said: "The ASBJ will continue to work closely with the FASB, the International Accounting Standards Board (IASB), and other major standard-setters towards the development of a single set of high-quality global accounting standards."

This will include responding to the current financial crisis in order to improve confidence in accounting information, he added.

Robert H Herz, chairman of the FASB, added that sharing perspectives on global instability is vital to improve reporting standards across the world.

Tomorrow, the IASB, FASB, ASBJ and other stakeholders will attend a round-table discussion in Tokyo to talk about the impact of the financial crisis and how financial reporting can be used to improve investor confidence.