Issued November 10, 2008 (No. 5)

Contents
1. Development of the ASBJ Standards (released between August 1 and October 28, 2008)
2. Overview of the ASBJ Meetings (158th meeting – 160th meeting)
3. ASBJ’s Comment on Documents Issued by the IASB and the FASB (released between August 1
and September 30, 2008)
4. Updating of the ASBJ Project Plan
5. Release of the “Case study analysis: Accounting treatment of internally generated development
costs under IAS38”
6. The 8th Joint Meeting with the IASB
7. Roundtable Meeting with IASB Chairman Sir David Tweedie and Japanese Constituents
8. JICPA/ASBJ Joint Seminar “The Current IFRS Situation and the World Trends”
9. A Discussion with EFRAG to Exchange Views
10. Roundtable Meeting with Stig Enevoldsen, Chairman of the EFRAG and JapaneseConstituents
11. ASBJ Chairman Ikuo Nishikawa Participated in the Meeting of National Standard-Setters
Conference (NSS Meeting)
12. ASBJ Chairman Ikuo Nishikawa Participated in the World Standard-Setters Conference (WSS
Conference)
13. ASBJ Session at Japan Accounting Association 67th Annual Conference
14. Project Progress (As of October 1, 2008)
15. Notices

1. Development of the ASBJ Standards (released between August 1 andOctober 28, 2008)(1) [Final] Announcement of “Accounting Standard for Measurement of Inventories (ASBJ
Statement No. 9 revised 2008)” (September 26, 2008)(2) [Final] Release of “Practical Solution on Measurement of Fair Value for Financial Assets(ASBJ PITF No. 25)” (October 28, 2008)

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(3) [DP] Release of “Discussion Paper on Reclassification of Debt Securities” (October 28,
2008)
The deadline for public comments on this Exposure Draft was set for November 4.
[Legend]
DP: Issue Paper, Discussion Paper
ED: Exposure Draft
Final: Statement/Guidance, etc. (final version)

2. Overview of the ASBJ Meetings (158th meeting – 160th meeting)(1) 158th Meeting (held on August 7, 2008)
(a)
(b)
(c)

Progress of Studies Conducted by Technical Committee for Inventories
Progress of Studies Conducted by Retirement Benefits Accounting Technical Committee( deliberation of the ASBJ’s comment on the IASB’s Discussion Paper)
Progress of Studies Conducted by Technical Committee for Financial Instruments(deliberation of the ASBJ’s comment on the IASB’s Discussion Paper)(a)
The Board discussed the draft texts in response to the comments on the Exposure Draft. With
regard to elimination of the last-in first-out (LIFO) method, there were many negative comments,for example, that the LIFO method is an appropriate formula for matching costs and revenues.
However, from the perspective of international convergence of accounting standards, thediscussion focused on elimination of the LIFO method.
In addition, the Board discussed whether the36 effect resulting from elimination of the LIFO
method can be treated as an adjustment item for the surplus. However, it was turned down as theclean surplus relationship would be broken if the retained earnings are increased by the earned
surplus without adding the holding gain to the net income.
(b) & (c)The staff introduced the Discussion Papers released by the International AccountingStandards Board (IASB) and reported the Progress of Studies conducted by technical committees,
respectively.
(2) 159th Meeting (held on August 28, 2008)
(a)
(b)
(c)
(d)

Progress of Studies Conducted by Technical Committee for Inventories
Progress of Studies Conducted by Retirement Benefits Accounting Technical Committee(deliberation of the ASBJ’s comment on the IASB’s Discussion Paper)
Progress of Studies Conducted by Technical Committee for Financial Instruments(deliberation of the ASBJ’s comment on the IASB’s Discussion Paper)
Progress of Studies Conducted by Working Group on Fundamental Concepts(deliberation of the ASBJ’s comment on the IASB’s Exposure Draft and Discussion
Paper)(a)
The Board discussed the draft texts prior to the resolution for public release of the Revised
Accounting Standard for Measurement of Inventories at the 160th Meeting.

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Issued November 10, 2008 (No. 5)

Though the Exposure Draft stated that inclusion of the information on the amount of the holding
gain or loss in the notes was allowed, some Board members expressed views that such information
should be provided as IR information and is not appropriate for accounting standard.
(b)
The IASB’s Discussion Paper contains two issues: immediate recognition of changes in thefunded status of the defined benefit promises rather than deferred recognition, and changes to theclassification of retirement benefits from existing “defined contribution plan and defined benefit
plans” to “contribution based promises and defined benefit promises” and contribution based
promises should be measured at fair value.
With regard to these issues, the Board deliberated from the perspectives of maintaining the clean
surplus relationship and possible significant changes to the current accounting treatment for cash
balance plan and other accounting treatments relating to retirement benefits adopted in Japan.
(c)
The IASB’s Discussion Paper intends to reduce the complexity of financial instruments andexpresses the views that all types of financial instruments should be measured at fair value in thelong term and that the number of financial instruments should also be increased to be measured
based on the fair value as intermediate approaches to be consistent with the long-term
measurement objective. The Board discussed this issue.
(d)Since the IASB’s Exposure Draft takes the approach of dividing the amendment work of theConceptual Framework into small phases and finalizing in each phase, instead of examining theframework as a whole, it was pointed out that there is a problem in terms of overall consistency.
(3) 160th Meeting (held on September 18, 2008)
(a)
(b)
(c)
(d)
(e)

(f)
(g)

ASBJ Statement No. 9 (revised 2008) “Accounting Standard for Measurement of
Inventories” [Resolution for public release]
Updating of the Project Plan
Progress of Studies Conducted by Retirement Benefits Accounting Technical Committee(deliberation of the ASBJ’s comment on the IASB’s Discussion Paper)
Progress of Studies Conducted by Technical Committee for Financial Instruments(deliberation of the ASBJ’s comment on the IASB’s Discussion Paper)
Progress of Studies Conducted by Working Group on Fundamental Concepts(deliberation of the ASBJ’s comment on the IASB’s Exposure Draft and Discussion
Paper)
Comments on the Exposure Draft of Proposed Partial Amendments to the AccountingStandard for Research and Development Cost” (the portion relating to intangible assets)
Comments on the Exposure Draft of Proposed Accounting Standard for Disclosuresabout Fair Value of Investment and Rental Property and its Implementation Guidance(a)
The Board has deliberated the method of measuring inventories, and approved the resolution
for public release of the amendment of the “Accounting Standard for Measurement of Inventories”
to eliminate the LIFO method. This shall be applied for fiscal years beginning on or after April 1,
2010. Earlier application is also permitted.
(b)
The Board discussed updating the Project Plan set forth the ASBJ’s plans to develop
accounting standards. The new Project Plan was published on September 19, 2008.
(c)
The staff provided the final reports on the comments including objections to immediate
recognition of changes in the defined benefit promises and to measurement of thecontribution-based promises liabilities at fair value and taking into account the credit risk uponpg. 3
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such measurement. These comments were submitted to the IASB on September 26, 2008.
(d)
The staff provided the final reports expressing concerns over the introduction of the full fairvalue measurement on the ground that a number of issues are left unaddressed relating to the fairvalue measurement and that changes in the fair value that cannot be considered as performance areincluded in the net profits. These comments were submitted to the IASB on September 19, 2008.
(e)
The staff provided the final reports relating to the comments. These comments were submitted
to the IASB on September 26, 2008.
(f)

The staff introduced comments on the Exposure Draft. The Technical Committees and theBoard will continue discussions on possible solutions.

(g)
There was no opinion which required a significant change from the contents of the Exposure
Draft. However, some Board Members expressed their views that the final standard should clarify
the scope of investment and rental property and the judgment criteria for significance. The
Technical Committees and the Board will continue discussions on possible solutions.

3. ASBJ’s Comment on Documents Issued by the IASB and the FASB (released
between August 1 and September 30, 2008)(1) The ASBJ submitted Comments on the Discussion Paper “Financial Instruments with
Characteristics of Equity” on September 5, 2008.
(Click here for an overview of the Discussion Paper “Financial Instruments with Characteristics ofEquity.”)(2) The ASBJ submitted Comments on the Discussion Paper “Reducing Complexity in
Reporting Financial Instruments” on September 19, 2008.
(Click here for an overview of the Discussion Paper “Reducing Complexity in Reporting Financial
Instruments.”)(3) The ASBJ submitted Comments on Discussion Paper “Preliminary Views on
Amendments to IAS 19 Employee Benefits” on September 26, 2008.
(Click here for an overview of the Discussion Paper “Preliminary Views on Amendments to IAS
19 Employee Benefits.”)(4) The ASBJ submitted Comments on the Exposure Draft " An improved Conceptual
Framework for Financial Reporting: Chapter 1: The Objective of Financial Reporting ,Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial
Reporting Information ” on September 26, 2008.
(Click here for an overview of the Exposure Draft “An improved Conceptual Framework for
Financial Reporting: Chapter 1: The Objective of Financial Reporting, Chapter 2: Qualitative
Characteristics and Constraints of Decision-useful Financial Reporting Information.”)pg. 4
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Issued November 10, 2008 (No. 5)(5) The ASBJ submitted Comments on the Discussion Paper “Preliminary Views on an
improved Conceptual Framework for Financial Reporting: The Reporting Entity” on
September 26, 2008.
(Click here for an overview of the Discussion Paper “Preliminary Views on an improved
Conceptual Framework for Financial Reporting: The Reporting Entity.”)

4. Updating of the ASBJ Project Plan
Given recent circumstances, the Accounting Standards Board of Japan (ASBJ) updated the Project
Plan published in December last year on September 19, 2008. Click here for detailed information.

5. Release of the “Case study analysis: Accounting treatment of internallygenerated development costs under IAS38”
In Japan, research and development cost must be expensed as incurred, which is different from theaccounting treatment under IAS 38, which requires capitalization of development cost if such costsatisfies certain requirements.
As part of efforts toward convergence, the ASBJ released a case study analysis on accounting
treatment internally generated development costs by European companies under IAS 38 focusing on
the industries for which internally generated development costs are considered to be particularly
significant (click here to read the report).

6. The 8th Joint Meeting with the IASB
The ASBJ and the IASB held the 8th joint meeting at the IASB’s office in London for two days, on
September 8 and 9, 2008. ASBJ Chairman Ikuo
Nishikawa, ASBJ Full-time Board Member
Takehiro Arai and ASBJ staff as well as IASB
Chairman Sir David Tweedie, IASB Board
Members Warren McGregor and Tatsumi
Yamada and IASB staff participated in thismeeting. In addition, in this meeting, ASBJ
Board Member and staffs participated via videoconference system from Tokyo.
The schedule and agenda of the meeting wereas follows:pg. 5
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Date/Time
September 8(morning)
September 8(afternoon)

September 9(morning)

Agenda
1. Specific projects (1) (open to public)- Financial instruments (replacement of the current standards)- Conceptual framework
2. Specific projects (2) (open to public)- Post-employment benefits- Liabilities and equity
3. Future cooperation
4. Update of IASB activities
5. Update of ASBJ activities

With regard to the above four specific projects, representatives of the Boards discussed on the
ASBJ’s draft comments on the Discussion Paper and the Exposure Draft released by the IASB.
Regarding future cooperation, they discussed on strengthening cooperation to actively participate in
the IASB’s standard-setting, including an increase in the ASBJ staff seconded to the IASB.
In the update on the IASB’s activities,
representatives of the IASB explained theWork Plan released on August 14 focusing on
the new standards and major projects. They
also stated that they plan to release the updated
version of the Memorandum of Understanding(MoU) with the FASB announced in February
2006.
In the update on the ASBJ’s activities,
representatives of the ASBJ explained theprogress for each item shown in the Project
Plan published in December 2008. Those present confirmed that the convergence project to becompleted by the end of 2008 in relation to major differences between Japanese GAAP and thecurrent International Financial Reporting Standards (IFRS) (as defined by the July 2005 thecommittee of European Securities Regulators (CESR) assessment of the equivalence) progressing inline with the project plan. And representatives of the ASBJ also presented the draft updated versionof the Project Plan to be published on September 19.
The next joint meeting with the IASB is scheduled for March 2009 in Tokyo.

7. Roundtable Meeting with IASB Chairman Sir David Tweedie and JapaneseConstituentsIn the morning on September 25, 2008, the ISAB’s Chairman Sir David Tweedie, and Board
Members John Smith and Tatsumi Yamada, who were visiting Japan, held a round table meetingwith Japanese market constituents at the Palace Hotel in Tokyo, with the participation of
approximately 60 people.
The meeting was comprised of Chairman Tweedie’s speech followed by a question and answer
session. First, Chairman Tweedie explained the recent global developments regarding the IFRS,
which are summarized as follows 1:
1

The views presented here are summarized by the ASBJ based on Chairman Tweedie’s speech for the readers’pg. 6
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Issued November 10, 2008 (No. 5)

 Last year, activities to adopt the IFRS wereprominent in Asia. In January, China
introduced the standards based on the IFRS,
while in March, Korea announced full
adoption of the IFRS from 2011. Then in
August, there was the “Tokyo Agreement”
in Japan.
 When introducing the IFRS, it is considered
to be ideal to adopt them word by word. Insuch case, due consideration should also begiven to the endorsement system of eachcountry.
 Though the IASB plans to complete ninemajor projects by 2011, the IASB has not yet established directions for all of them. By listening
to Japan’s opinions at an early stage, the IASB will be able to allocate enough time for necessary
discussions.
 The credit crisis has dealt a crippling blow to North America and Europe. Under suchcircumstances, as for accounting, questions have arisen in particular in relation to measurementof fair value and consolidation. Therefore, the IASB thinks to need more in-depth studies ofthese issues.
 The IASB thinks to need to advance projects for the subjects of the MoU such as leases, revenue
recognition, financial statement presentation, fair value measurement guidance, liabilities andequity, and pensions.
 During the course of developing standards, the IASB expects cooperation from the national
standard-setters, in particular strong standard-setters such as the ASBJ. The IASB would
appreciate Japanese continued support.
During the question and answer session, participants exchanged candid views with IASB members,
for example, the transition to the principle basis from the rule basis and the impact of the accounting
standards on real economic activities, thus improving mutual understanding.

8. JICPA/ASBJ Joint Seminar “The Current IFRS Situation and the World
Trends”
On September 25, 2008, the ASBJ held a joint
seminar titled “The Current IFRS Situation andthe World Trends” with the Japanese Institute ofCertified Public Accountants (JICPA) at Konin
Kaikeishi Kaikan (JICPA Headquarters).
The purpose of this seminar was to increase
understanding and interest in the convergence ofinternational accounting standards by explaining
the IASB’s and ASBJ’s recent activities directlyfrom their top management, as the US has been
accelerating its movement toward adoption of
convenience. Therefore they are not confirmed by the IASB and/or Chairman Tweedie.

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the IFRS.
At the seminar, John Smith, Board Member of the IASB, delivered a speech in addition to Sir David
Tweedie, Chairman of the IASB and Ikuo Nishikawa, Chairman of the ASBJ. The program of theseminar was as follows:
Subject of Speech
1. Worldwide adoption of the IFRSs
2. IASB Project Overview and Key Issues

3. ASBJ’s Activities Going Forward towards
Convergence

Speaker
Sir David Tweedie
Chairman of the IASBJohn Smith
Board Member of the IASB
Ikuo Nishikawa
Chairman of the ASBJ

On the day, the venue was filled with more than 400 participants. Chairman Tweedie started thesession by updating the activities of the IASB and what the IASB expects from Japan from now on,
from the ASBJ in particular. He also explained the IASB’s views on the latest developments such as
announcement and adoption of a new proposed road map in the US toward adoption of the IFRS.
Next, Board Member Smith summarized theindividual key projects in which the IASB iscurrently engaged, and added to Chairman
Tweedie’s explanation on the US SEC’s
movements.
Finally, Chairman Nishikawa outlined the
ASBJ’s future initiatives toward convergence
focusing on the new Project Plan published on
September 19. He also referred to a possibility toadopt the IFRS in Japan and gave his personalviews.
During the question and answer session held after each speech, the participants and speakers actively
used all the time allowed to ask and answer questions on issues including the significance of thetrend toward adoption of the IFRS in the US, the situation of implementing the IFRS to
non-consolidated financial statements in Europe, and the accounting treatment of the fair value
option.

9. A Discussion with EFRAG to Exchange Views
On September 22, 2008, Chairman Stig Enevoldsen and Technical Director Paul Ebling of theEuropean Financial Reporting Advisory Group (EFRAG) visited the ASBJ to discuss the situation ofrecent activities and various issues. Chairman Nishikawa and a number of staffs from the ASBJ
participated in this meeting.
During the discussion, firstly, the ASBJ explained the summary of the Tokyo Agreement with the
IASB which was announced in August 2007 and the latest Project Plan published on September 19,
2008.
Following that, Chairman Enevoldsen commented on the update of the EFRAG's recent activities, inparticular on their response to the recent financial turmoil and the consultation with the IASB on thepg. 8
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Issued November 10, 2008 (No. 5)

MoU items.
The meeting then moved on to discuss technical issues. First, we exchanged views on the distinctionof liabilities and equity as described in the IASB’s Discussion Paper on Financial Instruments with
Characteristics of Equity based on the comment letters respectively developed by the ASBJ and the
EFRAG.
Next, a report was made on the “Case study analysis: Accounting treatment of internally generated
development costs under IAS38” published by the ASBJ on September 22, and views were
exchanged.
Through the discussion, the EFRAG and the ASBJ could clarify their common points anddifferences in approach to various issues. Finally, before closing the session Chairman Nishikawa
and Chairman Enevoldsen reconfirmed the importance of exchanging opinions.

10. Roundtable Meeting with Stig Enevoldsen, Chairman of the EFRAG andJapanese Constituents
On September 22, 2008, the ASBJ invited Chairman Stig Enevoldsen and Technical Director Paul
Ebling of the EFRAG, and held a round table meeting to introduce the role and recent activities of
the EFRAG to Japanese market constituents and exchange views at the Palace Hotel in Tokyo. There
were approximately 40 participants at the meeting.
At the meeting, following the greetings by ASBJ
Chairman Nishikawa, Chairman Enevoldsen
gave a speech titled “Financial Reporting in theEU” in which he explained the role of the
EFRAG in the EU and its recent activities. He
also introduced the EFRAG’s views on sometimely issues such as the issues that accounting is
confronted with in the recent financial turmoil
and the impact of the US SEC’s movements on
the IASB or Europe.
After the discussion there was a question andanswer session with participants, and they exchanged views on various issues including evaluationof the process of implementing IFRS in Europe, the process of forming opinions at the EFRAG
which involves many member countries, and the course of action going forward. It was a very useful
discussion for all.

11. ASBJ Chairman Ikuo Nishikawa Participated in the Meeting of National
Standard-Setters Conference (NSS Meeting)On September 10, 2008, the Meeting of National Standard-Setters Conference (NSS Meeting) was
held in Paris.
The NSS Meeting is held bi-annually in spring and autumn under the sponsorship of the national
standard setters of ex-liaison nations and others to discuss matters including research projects
conducted by each standard-setter and inputs and supports to the IASB’s Project and Work Plan.

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The meeting was chaired by Chairman Ian Macintosh of the UK’s ASB and was attended byapproximately 40 people from ex-liaison nations including Japan, UK, Canada, Germany, France,
Australia and New Zealand other than the US, as well as the European Financial Reporting Advisory
Group (EFRAG), the standard-setter of Korea, Taiwan, Hong Kong, Malaysia, India, Saudi Arabia,
Italy, Sweden, Norway, Romania, Tunisia, South Africa and Mexico, and IASB, and International
Public Sector Accounting Standards Board (IPSASB). From the ASBJ, Chairman Ikuo Nishikawa,
Senior Technical Manager Shunichi Toyoda and Technical Staff Koji Ishihara attended the meeting.
The agenda and presenter(s) (in brackets) were as follows:
1.
Opening session
2.
The IASB’s Work Plan, Constitution Review and Statement of Best Practice (ASB of theUK)
3.
Intangibles (AASB of Australia and ASBJ of Japan)
Conceptual framework – Phase B: elements and recognition (definition of liabilities)
4.
(IASB)
5.
Consolidations (IASB)
6.
Complex financial instruments (CNC of France)
7.
Tax (DRSC of Germany, ASB of the UK)
8.
Report backs: Measurement (ASB of the UK), IFRS2 (CNC of France), Non-consolidated
information (AcSB of Canada) and Retirement benefit plans (FRS of New Zealand)
9.
Closing session
During the “Intangibles” session, the ASBJ’s “Case study analysis: Accounting treatment ofinternally generated development costs under IAS38”was distributed as an Agenda Paper together
with the draft Discussion Paper prepared by the AASB of Australia. However, since the ASBJ did
not have time to present the contents of this analysis during the meeting, the ASBJ will make apresentation at the next meeting.

12. ASBJ Chairman Ikuo Nishikawa Participated in the World Standard-Setters
Conference (WSS Conference)
On September 11 and 12, 2008, the World Standard-Setters Conference (WSS Conference) was heldin London. The WSS Conference is organized by the IASB in autumn every year to exchange
opinions with accounting standard setters around the world.
Nearly 100 people from more than 50 countries participated in the WSS Conference this time. FromJapan, the ASBJ’s Chairman Ikuo Nishikawa, Technical Director Kenichi Akiba and SeniorTechnical Manager Shunichi Toyoda attended the meeting.
The agenda of the conference was as follows:

September 11:
 Welcome speech by Sir David Tweedie, IASB Chairman
 Consolidation:
 Technical updates (IASB)
 Break-out discussions Group feedback
 IFRS Implementation:
 Use of the IFRSs (IASB) IFRS content distribution (IASCF)
 Update on US developments (FASB) Australia’s IFRS experiencepg. 10
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Issued November 10, 2008 (No. 5)

 Comments from WSS participants (India, Malaysia, Korea, Canada, Eastern Central andSouthern African Federation of Accountants (ECSAFA), Israel, Japan and Chile) Implementation update: IFRIC and Annual improvements

September 12:
 IASB planning and priorities (IASB)
 Implementing the [proposed] IFRS for private entities—the South African experience IFRS for private entities: Technical update (IASB) and country plans
 IFRSs Technical update (IASB) and Q&A
 Project sessions: Liabilities and equity
 Reducing complexity in reporting financial instruments
 Financial statement presentation
 Revenue recognition

During the Use of IFRSs session, as a representative from Japan, the ASBJ Chairman Nishikawa
commented on the ASBJ’s efforts for convergence so far to solve the assessment of equivalence inEurope and stated that they intended to release an updated version of the Project Plan on September
19 and make active commitments to the projects provided in the Memorandum of Understanding(MoU) between the IASB and the FASB.

13. ASBJ Session at Japan Accounting Association 67th Annual Conference
On September 9, 2008, the ASBJ held a session at the 67th Annual Conference of the Japan
Accounting Association at Rikkyo University’s Ikebukuro campus. At the session, Vice Chairman
Shigeo Sakase, Technical Manager Junji Ichihara and Technical Manager Kazuhide Kobori madereports on the theme “Update of the ASBJ’s Activities.”
At the session, which was chaired by Professor Shinya Saito of the International Graduate School ofSocial Sciences of Yokohama National University, Vice Chairman Sakase firstly introduced therecent circumstances surrounding accounting in Japan and the ASBJ’s efforts toward convergence in
response. Specifically, he explained the details of the “Tokyo Agreement” in August last year andthe positioning of the Project Plan published in December last year as well as the ASBJ's efforts tocollaborate with the IASB and the FASB.
Technical Manager Ichihara then explained thestatus of development of the standards for“short-term items” relating to the EU
equivalence assessment and the “medium-term
items” concerning other differences. TechnicalStaff Kobori then gave a presentation on the
expected discussions on the project items related
to the amended MoU between the IASB and the
FASB and the ASBJ’s plan for the relevant
activities.
The venue was filled with many Association members and after the presentation by the ASBJ,
participants actively exchanged questions and answers on the possibility to adopt the IFRS in Japanand the direction of the ASBJ activities, reflecting the Association members’ high level of interest in
the ASBJ’s activities.

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14. Project Progress (As of October 1, 2008)
2008

2008

2009

2009

2009

2009

Q3

Q4

Q1

Q2

Q3

Q4

2010

1.Items advised by CESR for EU equivalence assessment purpose (short-term)
Business Combinations(Step 1)
Final
Inventories(LIFO)
Final
Impairments of fixed assets
Intangibles (In-process R&D)
Final
Retirement benefits(Discount rate)
Final
Investment property
Final
2.Items related to the remaining differences between existing Japanese GAAP and
IFRS(medium-term)
Business Combinations
DP
ED(Step 2: Issues for phase2)
Business Combinations
DP
ED(Step 2: Amortization of goodwill)
Intangibles
DP
Retrospective restatement
ED
Final(Change in accounting policy)
Discontinued operations
DP
ED
Final
3.Items related to the MoU between the IASB and the FASB(medium and long-term)
Scope of consolidations
DP
ED
Final
Financial statement presentation
DP
ED
Final
(Comprehensive income and other)
Financial statement presentation
DP(Phase B)
Revenue recognition
DP
Liabilities and equity distinctions
Financial instruments
DP(Replacement of existing standards)
Financial instruments
DP(Fair value measurement)
Post-employment benefits
DP
Lease
4.Items related to the IASB projects other than the MoU between the IASB and the
FASB(medium and long-term)
Earnings per share
TC
ED
Final
Provisions
TC
DP
ED
Insurance contracts[Legend]
WG

Launch of Working GroupTC

Launch of Technical Committee

RR

Research Report

DP

Issue Paper, Discussion PaperED

Exposure Draft

Final Standards/Guidance (Final Version)

Italicized legends indicate finished events.

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Issued November 10, 2008 (No. 5)

15. Notices(1) Periodicals and Other Publications“Accounting Standards & Disclosure Quarterly, Issue No. 22”[Main contents]
 Featured Article 1: “The Overall Picture of the Exposure Drafts of Accounting Standards
regarding Business Reorganization and its Implementation Guidance”
 Featured Article 2: “Trends in Global Convergence”
 “The U.S. Views on International Convergence of Accounting Standards,” Robert Herz,
Chairman and Michael Crooch, Board Member, FASB “My Appointment as Chairman of the IASCF: Immediate Tasks for the IASCF,” Gerrit
Zalm, Chairman of the Trustees, the IASCF
 “The Future Perspectives of the EU’s Assessment of Equivalence,” Toshitake Kurosawa,
Director, Inspection Division, Executive Bureau, Securities and Exchange SurveillanceCommission
 Accounting Square: “Banks and the Corporate Accounting System,” Seiji Sugiyama,
Chairman of the Japanese Bankers Association
 CFO Letter: “A Fair Internal Observer,” Naoto Takano, Senior Managing Director and CFO,
Teijin Limited“Guide for the Preparation of Quarterly Report (for the reporting on the second quarter
ending September 30, 2008)”
This report has been prepared reflecting the results of discussions at the “Task Force on
Disclosure Content for Securities Reports” established within the FASF. It also reflects theamendments of the Cabinet Office regulation relating to quarterly reporting made in August thisyear and highlights the issues for consideration and examples relating to disclosure specific to thesecond quarter. Therefore, it should be helpful for preparing reports for the second quarter.
These publications are in Japanese only and can be purchased through our website.

ASBJ Newsletter (No. 5)
Issued: November 10, 2008
Editor: Akiyoshi Maruyama
The views expressed in the 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
Accounting Standards Board of Japan / Financial Accounting Standards Foundation
Fukoku Seimei Building 20F, 2-2, Uchisaiwaicho 2-chome, Chiyoda-ku, Tokyo 100-0011, Japan* If you have any comments or requests, please contact:
E-mail: publicity@asb.or.jp
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