Issued September 11, 2009 (No. 10)

Contents
1. Development of the ASBJ Standards, etc. (released between July 1, 2009
and September 8, 2009)
2. Overview of ASBJ Meetings (178th Meeting – 181st Meeting)
3. ASBJ’s Comments on Documents Issued by the IASB and the FASB
(submitted between July 1, 2009 and September 7, 2009)
4. ASBJ/FASF Provides Support for Holding the IASB Roundtable Meetingon Consolidation and Derecognition
5. Participation by ASBJ Chairman Ikuo Nishikawa as a Panelist at the
IASC Foundation IFRS Conference in Seoul
6. Establishment of the IFRS Council toward IFRS Adoption in Japan
7. ASBJ Full-time Board Member Takehiro Arai Presents a Paper on“International Trends of Accounting Standards and the ASBJ’s Initiatives”
at the 30th Japanese Institute of Certified Public Accountants (JICPA)
Annual Conference
8. FASF Seminar on the “Guide to the Preparation of Quarterly Reports” (forthe Second Quarter Ending September 30, 2009) to be Held Starting on
September 7, 2009
9. ASBJ Publishes the Update of its Project Plan
10. Project Progress (As of September 8, 2009)
11. Noticepg. 1
Copyright© ASBJ/FASF All Rights Reserved.

1. Development of the ASBJ Standards, etc. (released between July 1, 2009
and September 8, 2009)(1) [DP] Release of Discussion Paper on Accounting for Business Combinations (July 10,
2009)(The comment deadline was September 7, 2009)(2) [DP] Release of Discussion Paper on Financial Statement Presentation (July 10, 2009)(The comment deadline was September 7, 2009)(3) [DP] Release of Discussion Paper on Fair Value Measurement and its Disclosure(August 7, 2009)(The comment deadline is October 5, 2009)(4) [DP] Release of Discussion Paper on Provisions (September 8, 2009)(The comment deadline is November 9, 2009)(5) [DP] Release of Discussion Paper on Revenue Recognition (September 8, 2009)(The comment deadline is November 9, 2009)[Legend]
DP: Issue Paper, Discussion Paper
ED: Exposure Draft
Final: Statement/Guidance, etc. (final version)

2. Overview of ASBJ Meetings (178th Meeting – 181st Meeting)(1) 178th Meeting (held on June 4, 2009)a.

Progress of Studies Conducted by Technical Committee for Emissions Tradeb.

Progress of Studies Conducted by Technical Committee for Business Combinationsc.

Progress of Studies Conducted by Technical Committee for Financial Statement
Presentationd.

Progress of Studies on Fair Value Measurement Conducted by Technical Committee
for Financial Instrumentse.

Progress of Studies Conducted by Technical Committee for Revenue Recognitionf.

Progress of Studies Conducted by Technical Committee for Provisionsg.

Progress of Studies Conducted by Technical Committee for SPEsh.

Progress of Studies Conducted by Technical Committee for Lease Accounting

a. With regard to amortization of emission allowances, the exposure draft did not clarify
which emission allowances should be first amortized when an entity has bothpurchased and allocated allowances. The staff proposed that allocated allowancepg. 2
Copyright© ASBJ/FASF All Rights Reserved.

should be first amortized in such a case.
b. The Board discussed issues relating to treatment of minority interest anddetermination of acquisition cost.
c. The Board discussed issues relating to multi-step presentation of profit and loss,
disclosure based on the nature of items of income and expense, and distinguishing
between current and non-current items on the balance sheet.
d. Fair value used in Japan refers entry price and exit price. The staff proposed to
discuss on conversion of the fair value concept in Japan with that of international
accounting standards which are based on transfer notion, in order to bring the same
fair value concept to the Japanese GAAP.
e. The Board discussed draft comments on the International Accounting Standards
Board (IASB) Discussion Paper “Preliminary Views on Revenue Recognition inContracts with Customers”.
f. The Board discussed matters relating to disclosure, focusing on whether to seek more
specific disclosure requirements in conformity with international accounting
standards, and to create disclosure provisions regarding restructuring activities
deliberated in the IASB project to amend IAS37.
g. The staff outlined the IASB’s Exposure Draft “Derecognition”, and pointed out thatthe repurchase agreement (known as repo transaction in Japan) will be accounted as atransfer of an asset under the ED, which proposes an entity should derecognize an
asset when the entity transfers the asset and retains a continuing involvement in it
but the transferee has the practical ability to transfer the asset for the transferee’s
own benefit.
h. The staff outlined the IASB’s Discussion Paper “Leases - Preliminary Views” which
proposes to recognize operating leases on the balance sheet. It is pointed out that theright-of-use approach proposed in the DP might require an entity to recognize a leased
asset as an asset.
(2) 179th Meeting (held on June 19, 2009)a.

Amendments to Practical Solution on Tentative Treatment of Accounting for
Emission Trades (PITF No. 15) (Resolution for public release)b.

Exposure Draft of Proposed Amendments to Accounting Standard for Quarterly
Financial Reporting (ASBJ Statement No. 12) (Resolution for public release)c.

Progress of Studies Conducted by Technical Committee for Business Combinationsd.

Progress of Studies Conducted by Technical Committee for Financial Statement
Presentatione.

Progress of Studies Conducted by Technical Committee for Retroactive Application(comment analysis)f.

Progress of Studies Conducted by Technical Committee for Financial Instrumentsg.

Progress of Studies Conducted by Technical Committee for Revenue Recognitionpg. 3
Copyright© ASBJ/FASF All Rights Reserved.

a. The Board approved the public release of the Amendments to Practical Solution on
Tentative Treatment of Accounting for Emission Trades. It was decided that emission
allowances allocated for free of charge are not recognized at a time of allocation,
whether they are post-allocated or pre-allocated.
When allocated emission allowance is sold to a third party, the compensation
received for sale is presented in suspense receipt account or other suspense accounts,
and transferred to profit at a point when the final target is certain to be met.
b. The Board approved the public release of the Amendments to Accounting Standard
for Quarterly Financial Reporting. While no major changes were made to the exposure
draft, it was decided that the note on the going concern in quarterly financial reports
are required only for certain cases when there is a material uncertainty in spite ofrelevant managements’ responses for improvement.
c. The Board discussed issues relating to accounting treatment of goodwill andaccounting treatment when an entity loses control over its subsidiary.
d. The Board implemented a final discussion on the draft text of the Discussion Paper.
e. The staff provided explanation and analysis on the comments regarding the exposure
draft.
f. The Board discussed issues relating to fair value measurement methods anddisclosure in the forthcoming Discussion Paper on fair value measurement. The draft
DP addresses fair value hierarchy (Levels 1, 2 and 3).
g. The Board discussed the overall structure of a Discussion Paper to be issued whencommencing its work on the DP. It was decided that a two-part structure is employedin the DP. The first part would discuss the revenue recognition models proposed in the
IASB/US Financial Accounting Standards Board (FASB) joint project; the second part
would compare them with those under the Japanese GAAP, as well as address thepossible impacts on current practices.
(3) 180th Meeting (held on July 2, 2009)a.

Discussion Paper on Financial Statement Presentation (Resolution for public
release)b.

Discussion Paper on Accounting for Business Combination (Resolution for public
release)c.

Progress of Studies Conducted by Technical Committee for Financial Instrumentsd.

Progress of Studies Conducted by Technical Committee for Provisionse.

Progress of Studies Conducted by Technical Committee for Lease Accountingf.

Progress of Studies Conducted by Technical Committee for Intangible Assets

a. The Board approved the public release of the Discussion Paper on Financial
Statement Presentation. The deadline for public comments was set for September 7,
2009.
b. The Board approved the public release of the Discussion Paper on Accounting for
pg. 4
Copyright© ASBJ/FASF All Rights Reserved.

Business Combination. The DP covers issues relating to amortization of goodwill (aproject item relating to remaining differences in the ASBJ Project Plan), and also theissues addressed in the Phase 2 of the IASB/FASB joint project on businesscombinations.
The deadline for public comments is set for September 7, 2009.
c. The Board discussed a draft text of the discussion paper. The DP addresses Statementof Financial Accounting Standards No.157 “Fair Value Measurements” and IASB
Exposure Draft “Fair Value Measurement”.
d. The Board discussed a draft text of the discussion paper. The draft discussion paper
discusses various points following comparison of the current IAS37 and the draft
amendment.
e. The Board discussed the draft comments on the IASB Discussion Paper “Leases Preliminary Views”.
f. The Board discussed issues relating to definitions,recognition criteria, andtreatment of deferred assets.
Some board members expressed a concern that the discussion paper on intangible
assets addresses the issues related to deferred assets.
(4) 181st Meeting (held on July 16, 2009)a.

Progress of Studies Conducted by the Technical Committee for Financial
Instrumentsb.

Progress of Studies Conducted by the Technical Committee for Revenue Recognitionc.

Progress of Studies Conducted by the Technical Committee for Provisionsd.

Progress of Studies Conducted by the Technical Committee for Retirement Benefitse.

Progress of Studies Conducted by the Technical Committee for SPEsa. The Board undertook final discussion on the draft text of the discussion paper on fairvalue measurement and disclosure. As IASB and FASB have different views regarding
disclosure by fair value hierarchy level, and this point was added to the draft
discussion paper.
b. The Board went through illustrative examples of percentage of completion basis andinstallment sales method, and discussed the draft text of the Discussion Paper,
focusing on how IASB’s discussion paper might influence the current practices andhow accounting treatment would be like.
c. The Board discussed provisions for losses on litigation, as a case where the existenceof liabilities is uncertain.
d. The Board discussed whether comments should be submitted regarding the exposure
draft of proposed amendments to IFRIC No. 14 on the minimum funding
requirements, and decided not to submit comments.
e. The Board discussed the draft comments on the IASB’s ED “Derecognition.”pg. 5
Copyright© ASBJ/FASF All Rights Reserved.

3. ASBJ’s Comments on Documents Issued by the IASB and the FASB
(submitted between July 1, 2009 and September 7, 2009)(1) The ASBJ submitted its Comments on the Discussion Paper "Leases - Preliminary
Views" (July 14, 2009)(Click here for the IASB/FASB DP)(2) The ASBJ submitted its Comments on the Exposure Draft "Derecognition" (July 28,
2009)(Click here for the IASB ED)(3) The ASBJ submitted its Comments on the Exposure Draft "Income Tax" (July 31, 2009)(Click here for the IASB ED; click here for the Basis for Conclusions)(4) The ASBJ submitted its Comments on IASB Discussion Paper “Credit Risk in Liability
Measurement” (September 1, 2009)(Click here for the IASB DP; click here for the staff paper)(5) The ASBJ submitted its Comments on the Exposure Draft “Classification of Right Issues”(September 7,2009)(Click here for the IASB ED)

4. ASBJ/FASF Provides Support for Holding the IASB Roundtable Meeting on
Consolidation and Derecognition
The IASB Asian Roundtable Meeting on Consolidation and Derecognition was held overtwo days on June 8 – 9, 2009 at the ASBJ/FASF Conference Room. Besides the AsianRoundtable

MeetinginTokyo,

Roundtable

Meetings

onConsolidation

andDerecognition were also held in Toronto (June 1 – 2, 2009) and in London (June 15 – 16,2009).
IASB issued exposure drafts on Consolidation and Derecognition as part ofcomprehensive review of off-balance sheet activities, which had been identified by theG20 summit meeting held in November 2008. The Roundtable Meeting was intended tocollect views of the constituents on the EDs, as well as to encourage discussions on
related projects with the both EDs such as securitization.
The Roundtable Meeting in Tokyo was participated by IASB Board members Warren
McGregor and Tatsumi Yamada, ASBJ Chairman Ikuo Nishikawa, and related parties
from the Asia and Oceania regions (including representatives of accounting standards
setters, financial supervisory agencies, auditing firms, financial institutions, users ofpg. 6
Copyright© ASBJ/FASF All Rights Reserved.

financial statements, etc.). FASB Board Member Larry Smith also attended theRoundtable Meeting.
The Roundtable Meeting saw lively discussion; for example, many participants
expressed strong concern regarding the potential impact of the derecognition exposure
draft proposals on repurchase transactions and securitization practice.

5. Participation by ASBJ Chairman Ikuo Nishikawa as a Panelist at the IASC
Foundation IFRS Conference in Seoul
The IASC Foundation IFRS Conference in Seoul was held on July 29 – 30, 2009 at theMillennium Seoul Hilton in Seoul, South Korea. During the Conference, IASB members– headed by IASB Chairman Sir David Tweedie － provided the update of IASB
activities and on individual projects (including projects relating to consolidation,
insurance contracts, financial instruments, IFRS education, fair value measurement,
derecognition, revenue recognition, financial statement presentation, and conceptual
framework). The Conference also included lectures on implementation of IFRSs frompreparers’ perspectives, as well as lectures on IFRSs adoption by representatives ofaccounting standard-setters in Japan, South Korea and Malaysia. The Conference
attracted around 200 participants, not only from South Korea but also from neighboring
countries such as Japan.
The updates on IFRS adoption in individual countries included talks by Chung Woo Suh,
Chairman of the Korean Accounting Standards Board (KASB), Sukanta Dutt of the
Malaysian Accounting Standards Board (MASB), and ASBJ Chairman Ikuo Nishikawa,whose talk was entitled “Towards a Single Set of High-quality Global Standards.” In histalk, Chairman Nishikawa raised the following points:In December 2008, the European
Commission (EC) announced that theEuropean Union (EU) would accept
financialstatements

preparedinaccordance with Japanese GAAP as
IFRSequivalent,

and

ASBJ’sshort-term convergence projects for EU
equivalence

assessment

werecompleted.


Another recent update is a release of
the “Application of International Financial Reporting Standards (IFRS) in Japan(Interim Report)” by the Business Accounting Council. The Interim Report statespg. 7
Copyright© ASBJ/FASF All Rights Reserved.

that the application of IFRS is allowed from the fiscal year ending in March 2010,
for the consolidated financial statements of listed companies that meet certain
conditions, and that the decision regarding the mandatory application of IFRS is to
be made around 2012; mandatory use will start from 2015 or 2016 if the decision ismade in 2012. Constituents in Japan strongly expect ASBJ to continue and evenaccelerate convergence as well as to be actively involved in IFRS adoption.


ASBJ is committed to initiatives toward convergence, working on project items
relating to remaining differences based on the Tokyo Agreement, and also providing
inputs to on-going IASB projects with regard to items listed in the memorandums ofunderstanding between the IASB and FASB. In addition, ASBJ is promoting
collaboration with accounting standard-setters in other countries, holding regularmeetings with the IASB and FASB twice a year, as well as working actively in the
Asia Pacific region on the establishment of the Asian-Oceanian Standard-Setters
Group (AOSSG), the first meeting of which was due to be held in November 2009.

6. Establishment of the IFRS Council toward IFRS Adoption in JapanOn June 30, 2009, the BAC published the “Opinion on the Application of International
Financial Reporting Standards (IFRS) in Japan (Interim Report)”. This represents amajor step towards the adoption of IFRS in Japan. The Interim Report raises several
issues relating to the adoption of IFRS in Japan, many of which may require a proactive
approach on the part of the private sector. Based on the consensus reached amongmarket participants, and with the support of the Financial Services Agency (FSA), the
FASF initiated the establishment of the IFRS Council (chaired by FASF President
Toshitaka Hagiwara) to promote IFRS adoption; the first meeting of the IFRS Council
was held on July 3, 2009. The main objectives of the IFRS Council and of its subordinate
committees are outlined below:
 IFRS Council: The Council will identify issues concerning implementation of IFRS,
and will establish overall policies and strategies. On the basis of these policies andstrategies, the Council will ask each task force committee to decide upon specificmeasures, and will call for relevant organizations to take appropriate action. The
Council is chaired by FASF President Toshitaka Hagiwara, and its secretariat is
operated by FASF/ASBJ.
 Strategic Committee for IASB: Working on the assumption that Japan will be moving
towards IFRS adoption in the near future, the Strategic Committee will deliberate
upon strategy and specific actions concerning how best developments in major
accounting standards can be influenced. The Committee is chaired by Noriaki
Shimazaki, Chairman of the Sub-committee on Accounting, Nippon Keidanren(Japan Business Federation), and its secretariat is operated by Nippon Keidanren
pg. 8
Copyright© ASBJ/FASF All Rights Reserved.

and ASBJ.
 Education and Training Committee: This Committee will establish an IFRS educationand training system, targeting mainly accounting practitioners, as rapidly as
possible, and will then implement this system. The Committee is chaired by Toshio
Kinoshita, Chief Executive, Japanese Institute of Certified Public Accountants, andits secretariat is operated by Japanese Institute of Certified Public Accountants.
 Translation Committee: This Committee will establish a system to promote an
accurate Japanese translation of IFRS. The Committee is chaired by Atsushi Kato,
Full-time Board Member, ASBJ, and its secretariat is operated by ASBJ.
 Committee for Separate Financial Statements: This Committee will deliberate on how
separate financial statements can be simplified, given the current focus onconsolidated financial statements. The Committee is chaired by Yasuhisa Abe,
Director, Business Infrastructure Bureau, Nippon Keidanren (Japan Business
Federation), and its secretariat is operated by Nippon Keidanren.
 Public Relations Committee: This Committee will undertake PR activities withrespect to a wide range of stakeholders, including investors, company executives,
analysts, and the media, working in concert with other relevant organizations. The
Committee is chaired by Shozo Yamazaki, Deputy President, Japanese Institute ofCertified Public Accountants, and its secretariat is operated by Japanese Instituteof Certified Public Accountants.
At the 1st Meeting of the IFRS Council, an explanation on the Council’s objective andan overview of the activities of each committee were followed by an exchange of views
among the members. The importance of effective collaboration between members andother related parties with regard to IFRS implementation was emphasized. Meetings ofthe IFRS Council will be held regularly, at intervals of 2 – 3 months, while theindividual committees will carry on their respective activities, making reports to the
IFRS Council as necessary.
While the coordination activities undertaken by the IFRS Council and its committees
with respect to market participants will, in principle, not be open to outside participants,
it is anticipated that information regarding the current status of IFRS Council activities
will be announced in a timely manner by the Public Relations Committee.

7. ASBJ Full-time Board Member Takehiro Arai Presents a Paper on“International Trends of Accounting Standards and the ASBJ’s Initiatives” at the30th Japanese Institute of Certified Public Accountants (JICPA) Annual
Conference
The 30th the Japanese Institute of Certified Public Accountants (JICPA) Annual
Conference was held at the Toki Messe (Niigata Convention Center) on August 6, 2009.
pg. 9
Copyright© ASBJ/FASF All Rights Reserved.

In a breakout session of the conference, ASBJ Full-time Board Member Takehiro Arai,
Technical Manager Junji Ichihara and Atsushi Itabashi gave a presentation on“International Trends of Accounting Standards and the ASBJ’s Initiatives.”
In his opening remark, Mr. Arai expressed his gratitude for continued support andunderstanding by JICPA to ASBJ’s activities. He then went on to discuss recent
international trends relating to IFRS, and the adoption of IFRS by Japanese businessenterprises. One point noted by him was that, while in December 2008 the European
Commission (EC) announced that the European Union would accept financial
statements prepared in accordance with Japanese GAAP and US GAAP as well as
IFRSs, thereby confirming the equivalence of Japanese GAAP with IFRS, regularmonitoring will be carried out in this regard, so a continuing and further strengtheningof convergence will be necessary. He went on to note that, regarding the publication of
the “Opinion on the Application of International Financial Reporting Standards (IFRS)
in Japan (Interim Report)” by the Business Accounting Council in June 2009, themovement towards adoption of IFRS was speeding up; He gave an explanation of what
related parties hope ASBJ can achieve, and of the stance adopted by ASBJ.
Then he went on to talk about the latest
developments

at

ASBJ

regardingstandards development, and the mediumand

long-term

work

items

being

undertaken on the basis of the Tokyo
Agreement.

He

explanation

of

gave
the

an

discussion

outlinepaper

published by ASBJ on one of these issues –financial statement presentation – in July2009.
Mr. Ichihara then gave a report on the main points covered by the ASBJ discussion
paper on accounting for business combinations that was published in July 2009. Hegave a detailed explanation of the purpose of the discussion paper, and also of; (1) thetreatment of the minority interest; (2) calculation of acquisition cost; (3) allocation of
acquisition cost; (4) accounting treatment of goodwill; (5) loss of effective control oversubsidiaries.
Mr. Itabashi gave a report on the main points covered by the ASBJ discussion paper on
financial instruments accounting that was published in May 2009, giving a detailed
explanation of the points relating to; (1) the scope of financial instruments accounting;(2) financial instruments measurement; (3) hedging accounting. In addition, regarding
the impact of the recent global financial crisis on international accounting standards, he
pg. 10
Copyright© ASBJ/FASF All Rights Reserved.

described the main points relating to the exposure draft on Financial Instruments:
Classification and Measurement published by the IASB in July 2009.
In closing, Mr. Arai noted that, while ASBJ would continue to dedicate itself to thedevelopment of high-quality accounting standards, when considering the issues ofaccounting standards convergence and the expression of views regarding IASB, it was
important to keep in mind Japan’s position within the international financial andcapital markets; He concluded by suggesting that certified public accountants and othermarket participants in Japan should pay more attention to the MoU items currently
being discussed by IASB.

8. FASF Seminar on the “Guide to the Preparation of Quarterly Reports” (for theSecond Quarter Ending September 30, 2009) to be Held Starting on
September 7, 2009
FASF organizes seminars to offer instruction to those involved in the compilation ofmarketable securities reports etc. regarding the key points to which attention should be
paid when preparing such reports. As of April 1, 2009, two years had elapsed since thequarterly reporting system was first introduced; starting on September 7, 2009, an
FASF Seminar on the “Guide to the Preparation of Quarterly Reports” (for the Second
Quarter Ending September 30, 2009) will be held in 11 sessions at 9 different locations
throughout Japan. Besides the main topic of the seminar, there will also be a lecture by
ASBJ on “The Roadmap for IFRS Adoption and ASBJ’s Initiatives” and a lecture by the
Corporate Accounting and Disclosure Division, Planning and Coordination Bureau,
Financial Services Agency on “Recent Issues Relating to Disclosure.”
The FASF Seminars have won widespread praise for the practically-oriented,
informative content of their lectures. It is our earnest hope that attendance at the
coming Seminar will be even higher than in the past.
Priority registration for FASF members started from Monday August 17, 2009.
Non-members can register starting from Monday August 24. More detailed information
about the Seminar and how to register can be found here (sorry for Japanese only).
Applications will be processed in order; as only a limited number of places are available,please be sure to register as early as possible.

pg. 11
Copyright© ASBJ/FASF All Rights Reserved.

Seminar Dates

Venue

Sept. 7 (Mon.)

Tokyo, Nagoya

Sept. 8 (Tues.)

Osaka

Sept. 9 (Wed.)

Tokyo (FASF members only)

Sept. 10 (Thurs.)

Tokyo

Sept. 11 (Fri.)

SapporoSept. 15 (Tues.)

Kanazawa, Hiroshima

Sept. 16 (Wed.)

Fukuoka

Sept. 18 (Fri.)

Sendai, Takamatsu

9.

ASBJ Publishes the Update of its

Project Plan

On September 2, ASBJ published the update of its project plan through to 2011. The
project plan renewed herewith was developed based “Tokyo Agreement” (the agreement
on initiatives to accelerate the convergence of accounting standards) jointly announcedwith IASB in August 2007, taking into account the “Opinion on the Application ofInternational Financial Reporting Standards (IFRS) in Japan (Interim Report)”. issued
by the Business Accounting Council1, which recommends ASBJ to continue andaccelerate the convergence of accounting standards, as well as the IASB’s work plan asof August 2009 through to 2011. More detailed information can be found here.

pg. 12
Copyright© ASBJ/FASF All Rights Reserved.

10. Project Progress (As of September 8, 2009)
2009

2009

2010

2010

2010

2010

Q3

Q4

Q1

Q2

Q3

Q4

2011

Items related to the remaining differences between existing Japanese GAAP and IFRSs
Business Combinations(Step 2)
DP
ED
Final
Financial Statement Presentation
DP
ED
Final
Intangibles
DP
ED
Final
Retrospective Restatement
Final
Items related to projects addressed in the MoU between the IASB and the FASB
1. Scope of Consolidations
ED
Final
2. Financial Statement Presentation – phase B
DP
Comment
DPED
3. Revenue Recognition
DP
Comment
DPED
4. Liabilities and equity distinction
Comment
5. Financial Instruments- Reclassification
ED
Final- Classification and measurement
Comment
ED
Final- Impairment
Comment
ED
Final- Hedging
Comment
EDFinal
6. Fair Value Measurement and Disclosure
7. Post-employment Benefits- Step 1- Step 2

DP
Comment

ED

Final

ED

Final
Comment
EDDP
8. Lease
Comment
Comment
ED
ED
9. Derecognition
Comment
DP
Final
Items related to the IASB projects other than those addressed in the MoU between the IASB and the FASB
Earnings per Share*
ED
Final
Provisions
DP
ED
Final
Insurance contracts
Comment*: Temporary halt (restart depending on IASB’s situation)[Legend]
WG

Launch of Working GroupTC

Launch of Technical Committee

RR

Research Report

Comment

Comment on the DP or ED of IASB to be preparedDP

Discussion PaperED

Exposure Draft

Final

Standards/Guidance (Final Version)

Italicized legends indicate finished events.

pg. 13Copyright© ASBJ/FASF All Rights Reserved.

11. Notice(1) New Publications
Periodical – Accounting Standards and Disclosure Quarterly No. 26 (published on
September 15, 2009)[Main Contents]Feature Article 1: “Towards IFRS Adoption in Japan”
“Establishing the IFRS Council to Promote IFRS Adoption,” FASF President
Toshitaka Hagiwara et al.

“The Business Accounting Council’s Opinion and the Cabinet Office’s
Revisions,” the Financial Services Agency

Feature Article 2: “What Should the Financial Statements of the Future be Like?”
Discussion Meeting on the Financial Statement Presentation Project

Accounting Square: “Corporate Accounting and Corporate Auditors,” Katsutoshi
Chikudate, Chairperson, Japan Corporate Auditors Association, and Standing
Auditor, Tokyo Electric Power Company



CFO Letter: “Through the Conversion of Accounting Standards,” Yasuyoshi
Karasawa, Senior Executive Officer and Director, Mitsui Sumitomo InsuranceGroup Holdings, Inc.



Chairman’s Voice: “Review of Accounting Standards for Financial Instruments,”
Ikuo Nishikawa, Chairman, ASBJ“ASBJ Newsletter” (No. 10)
Issued on September 11, 2009
Editor: Akiyoshi Maruyama
The views expressed in ASBJ Newsletter are not necessarily those of the ASBJ or the FASF. The
Authors and Publishers accept no responsibility for any loss or damage resulting from reliance on theviews expressed herein.
© Copyright, ASBJ/FASF All Rights Reserved
Website: https://www.asb.or.jp/asb/index_e.jsp
E-mail: publicity@asb.or.jp
Accounting Standards Board of Japan / Financial Accounting Standards Foundation
Fukoku Seimei Building 20F, 2-2, Uchisaiwaicho 2-chome, Chiyoda-ku, Tokyo, Japan (Zip Code:
100-0011)

pg. 14
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