GLOBAL - The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) are in the midst of discussions over the convergence of their standards.
An initial meeting was held in Tokyo this week attended by five IASB members and senior staff including chairman Sir David Tweedie, and four ASBJ members including chairman Professor Shizuki Saito.
Commenting on the progress, Saito said: “The meeting was a good start to the convergence project while we have much work ahead. I believe that we are beginning to see a way forward to reduce the differences between our respective standards through mutual understanding. As this project gets on track, it might be possible that the convergence of the accounting standards will advance faster than expected.”
Tweedie added: “We welcome the opportunity to work with our Japanese colleagues as well as other standard-setters in pursuit of our common objective of a single set of accounting standards worldwide. The ASBJ is a good example of how a national board can contribute to this process.”
As a result of the discussion, the board’s representatives identified five topics for further deliberation including: measurement of inventories (IAS 2), segment reporting (IAS 14), related party disclosures (IAS 24), unification of accounting policies applied to foreign subsidiaries (IAS 27) and investment property (IAS 40).
The two bodies will meet again in London in September.
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
This week's top stories included a Freedom of Information request revealing more than 100,000 savers could face six-figure tax bills as a result of GMP equalisation.
The Pearson Pension Plan has entered into a £500m pensioner buy-in with Legal & General (L&G) in the insurer's first deal of 2019.