5 April 2012
Representatives of IASB and ASBJ Hold Biannual Meeting
Representatives of the International Accounting Standards Board (IASB) and the AccountingStandards Board of Japan (ASBJ) met on 2 April 2012 in Tokyo. This meeting was the fifteenth in aseries of discussions between the IASB and the ASBJ.

During the meeting, representatives of the boards discussed:•the work of the IASB and the US Financial Accounting Standards Board (FASB) to complete
the remaining elements of their convergence programme;•the IASB’s consultation on its future agenda, including feedback received from Japanesestakeholders;•the ongoing review of the IFRS Interpretation Committee, being conducted by the Trustees;
and•opportunities for closer co-operation between the IASB and national accounting
standard-setters, including the future relationship between the IASB and the ASBJ.

Representatives of the IASB and the ASBJ reaffirmed their commitment to continue their close
co-operation in pursuit of the goal of high quality global accounting standards.

Hans Hoogervorst, Chairman of the IASB, said
This is my fifth visit to Asia in the nine months since I became Chairman of the IASB. TheIASB and the ASBJ work very well together and I look forward to a further deepening in ourrelationship as Japan takes steps towards adoption of IFRSs.

Ikuo Nishikawa, Chairman of the ASBJ, stated
It was meaningful to discuss the agenda consultation that the IASB is currently undertaking
and the review of the IFRS Interpretation Committee which will become important in thefuture. We would like to be actively involved in the IASB’s projects, including in theagenda consultation process, to contribute to developing high-quality global accountingstandards.

The next joint meeting is planned in the second half of 2012 in London.

About the International Accounting Standards BoardThe IASB was established in 2001 and is the standard-setting body of the IFRS Foundation, anindependent, private sector, not-for-profit organisation. The IASB is committed to developing, in the
public interest, a single set of high quality global accounting standards that provide high qualitytransparent and comparable information in general purpose financial statements. In pursuit of thisobjective the IASB conducts extensive public consultations and seeks the cooperation of internationaland national bodies around the world. The IASB has 15 full-time members drawn from 11 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 the Trustees of the IFRS Foundation, who are required
to select the best available combination of technical expertise and diversity of international businessand 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 sectororganization. Accounting standards developed by the ASBJ are authorised 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 businessenterprises operate. The ASBJ also communicates with corresponding organisations abroad andcontributes to the development of global accounting standards. For more information about theASBJ, visit its website at https://www.asb.or.jp/asb/top_e.do.