October 18, 2023
Representatives of the Financial Accounting Standards Boardand the Accounting Standards Board of Japan Hold Biannual Meeting

Representatives of the Financial Accounting Standards Board (FASB) and the AccountingStandards Board of Japan (ASBJ) held a meeting on October 17 and 18, 2023 in Tokyo, Japan.
The meeting was the thirty-third in a series of meetings between the FASB and the ASBJ tofurther the Boards’ cooperative efforts to develop high-quality global accounting standards.
At this meeting, representatives of the FASB and the ASBJ provided updates on their respective
activities and discussed agenda items in which both Boards have interest, such as the accounting
for crypto assets and disaggregation of expenses in the income statement.
The FASB and the ASBJ plan to continue to exchange views.
the second half of 2024 in Norwalk.

The next meeting is planned in

Richard R. Jones, Chair of the FASB, stated:“The FASB continues to derive great value from our meetings with the ASBJ on topics ofimportance to our respective stakeholders. Our dialogues provide the FASB with new insights
on potential accounting solutions to emerging and existing financial reporting issues that help us
develop standards that provide investors with information they will use in their capital allocation
decisions. We thank Chair Kawanishi and the board and staff of the ASBJ for hosting us inTokyo for what has been yet another engaging and enlightening discussion.”
Yasunobu Kawanishi, Chair of the ASBJ, stated:“It was our great pleasure to host the bilateral meeting in Tokyo, and in particular we welcome
Mr. Richard Jones for his first visit to Japan as Chair of the FASB. At this meeting, we
exchanged views on a wide range of issues, including those in response to the rapidly changing
economic environment. We have always found the bilateral meeting fruitful and lookforward to continuing and strengthening our relationship in the future.”

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Contacts:
Shuji Ito, Project Manager, Accounting Standards Board of JapanTelephone: +81 (0)3 5510 2729
Email: sh.ito@asb-j.jp
Christine L. Klimek, Senior Manager, Communications, Financial Accounting
Foundation/Financial Accounting Standards Board
Telephone: 203-956-3459
Email: clklimek@f-a-f.org

About the Accounting Standards Board of Japan (ASBJ)
The Accounting Standards Board of Japan (ASBJ) was established in July 2001 under theFinancial Accounting Standards Foundation (FASF) and is a private-sector organization.
Accounting standards developed by the ASBJ are to be authorized by the Financial Services
Agency (FSA) as part of Japanese generally accepted accounting principles. The ASBJ
develops accounting standards and implementation guidance that appropriately reflect theenvironment in which business enterprises operate. The ASBJ also communicates withcorresponding organizations abroad and contributes to the development of global accounting
standards. For more information about the ASBJ, visit its website athttps://www.asb.or.jp/en/.

About the Financial Accounting Standards Board (FASB)
Established in 1973, the FASB is the independent, private-sector organization, based inNorwalk, Connecticut, that establishes financial accounting and reporting standards for public
and private companies and not-for-profit organizations that follow Generally Accepted
Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange
Commission as the designated accounting standard setter for public companies. FASB standards
are recognized as authoritative by many other organizations, including state Boards ofAccountancy and the American Institute of CPAs (AICPA). The FASB develops and issues
financial accounting standards through a transparent and inclusive process intended to promote
financial reporting that provides useful information to investors and others who use financial
reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For
more information, visit www.fasb.org.

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