ASBJ 'to adopt IFRS by 2011'...
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The International Accounting Standards Board (IASB) has met with its Japanese counterpart in the hope of achieving convergence between their rules by 2011. Read original article.
It is the ninth such meeting between the IASB and the Accounting Standards Board of Japan (ASBJ).
Led by Sir David Tweedie, chairman of the IASB and Ikuo Nishikawa chairman of the ASBJ, the event focused on the convergence of Japanese Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Mr Nishikawa said: "In Japan, the potential use of IFRS by Japanese companies has been discussed since last year. From those discussions, it is clear that constituents wish us to accelerate our convergence project so as to complete it by the end of June 2011."
For this reason, the ASBJ and the IASB will continue to work closely together in order to meet this goal, he added.
Recently, the IASB made changes to IFRS 7, which relates to fair value measurements, in order to bring the standard into line with its US equivalent.
Led by Sir David Tweedie, chairman of the IASB and Ikuo Nishikawa chairman of the ASBJ, the event focused on the convergence of Japanese Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Mr Nishikawa said: "In Japan, the potential use of IFRS by Japanese companies has been discussed since last year. From those discussions, it is clear that constituents wish us to accelerate our convergence project so as to complete it by the end of June 2011."
For this reason, the ASBJ and the IASB will continue to work closely together in order to meet this goal, he added.
Recently, the IASB made changes to IFRS 7, which relates to fair value measurements, in order to bring the standard into line with its US equivalent.
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