6 November 2012
Representatives of the International Accounting Standards Board and theAccounting Standards Board of Japan Hold Biannual Meeting
Representatives of the International Accounting Standards Board (IASB) and theAccounting Standards Board of Japan (ASBJ) met on 29 and 30 October 2012 in London.
This meeting was the sixteenth in a series of discussions between the IASB and theASBJ.
During the meeting, representatives of the IASB and the ASBJ discussed the following
projects currently under deliberation by the IASB and the US Financial AccountingStandards Board (FASB):
yFinancial instruments: classification and measurement (including the recenttentative decisions by the IASB and the FASB)yFinancial instruments: impairment (including the recent tentative decisions by theIASB and the FASB)yRevenue recognition (including the redeliberation items)yLeases (including the recent deliberations that will lead to the re-exposure draft tobe issued in the first quarter of 2013)

In addition, the IASB and the ASBJ discussed several research topics related to theIASB’s future agenda.
Representatives of the IASB and the ASBJ reaffirmed their commitment to continue
their close co-operation for developing high-quality global accounting standards.
Hans Hoogervorst, Chairman of the IASB, said
This meeting provided a further opportunity to exchange views on topics
important to both boards, such as completing the remaining convergenceprojects as well as our plans for the future.
This was yet another example of the very high quality input that we receivefrom our discussions with the ASBJ. Their continued support for our work andthe mission of global accounting standards is greatly appreciated.
Ikuo Nishikawa, Chairman of the ASBJ, stated
It was very meaningful for us to discuss the IASB’s priority projects, some ofwhich are close to finalization.

We are willing to be actively involved in theIASB’s conceptual framework projects through various activities including
research, and also would like to continue our contribution to developing
high-quality global accounting standards.
The next joint meeting is planned in the first half of 2013 in Tokyo.
About the International Accounting Standards Board
The IASB was established in 2001 and is the standard-setting body of the IFRSFoundation, an independent, private sector, not-for-profit organisation. The IASB iscommitted to developing, in the public interest, a single set of high quality global
accounting standards that provide high quality transparent and comparable
information in general purpose financial statements. In pursuit of this objective theIASB conducts extensive public consultations and seeks the cooperation of internationaland national bodies around the world. The IASB has 15 full-time members drawn from11 countries and a variety of professional backgrounds. In 2012 the Board will be
expanded to 16 members. Board members are appointed by and accountable to theTrustees of the IFRS Foundation, who are required to select the best available
combination of technical expertise and diversity of international business and market
experience. In their work the Trustees are accountable to a Monitoring Board of publicauthorities.
About the Accounting Standards Board of Japan
The Accounting Standards Board of Japan (ASBJ) was established in July 2001 as a
private-sector organization. Accounting standards developed by the ASBJ are to beauthorized by the Financial Services Agency as part of generally accepted accounting
principles. The ASBJ develops accounting standards and implementation guidance
that appropriately reflect the environment in which business enterprises operate. The
ASBJ also communicates with corresponding organizations abroad and contributes tothe development of global accounting standards. For more information about the ASBJ,
visit its website at https://www.asb.or.jp/asb/top_e.do.