Issued January 20, 2009 (No.6)

Contents
1. Developments of ASBJ Standards, etc. (October 17, 2008 – December 5,
2008)
2. Overview of ASBJ Meetings (161st meeting - 166th meeting)
3. ASBJ’s Comments on Documents Issued by the IASB and the FASB (October
1, 2008 – November 30, 2008)
4. ASBJ Chairman Ikuo Nishikawa Participated in the 8th China-Japan-Korea
Accounting Standards Setters’ Meeting
5. ASBJ Chairman Ikuo Nishikawa Spoke at IFRS in Asia 2008
6. The 6th Regular Meeting with the FASB to Discuss Global Convergence7. FASF Managing Director Hiroshi Endo Visited FAF, NYSE Regulation, etc.
8. The 5th Meeting of ASBJ Standards Advisory Council
9. The 23rd Meeting of IASB Standards Advisory Council (SAC)
10. FASF Seminar “Matters to Keep in Mind when Preparing a Report on
Second Quarter ending September 30, 2008”
11. IASB/FASB Roundtable on Global Financial Crisis Held in Tokyo
12. Project Progress (As of January 1, 2009)
13. Notices

1. Developments of ASBJ Standards, etc. (October 17, 2008 – December 5,
2008)(1) [Final] Announcement of “Practical Solution on Measurement of Fair Value for Financial
Assets (ASBJ PITF No. 25)” (October 28, 2008)(2) [Final] Announcement of, “Accounting Standard for Disclosures about Fair Value ofInvestment and Rental Property (ASBJ Statement No. 20)” and “Guidance on AccountingStandard for Disclosures about Fair Value of Investment and Rental Property (ASBJ
Guidance No. 23)” (November 28, 2008)

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(3) [Final] Announcement of “Tentative Solution on Reclassification of Debt Securities (ASBJ
PITF No. 26)” (December 5, 2008)[Legend]
DP: Issue Paper, Discussion Paper

ED: Exposure Draft

Final: Standards/Guidance (Final version)

2. Overview of ASBJ Meetings (161st meeting - 166th meeting)(1) 161st Meeting (held on October 2, 2008)
a. Progress of studies conducted by Technical Committee for Business Combinations
b. Progress of studies conducted by Technical Committee for Investment Propertyc. Progress of studies conducted by Technical Committee for SPEs
d. Establishment of Technical Committee for Earnings Per Sharea. The staff introduced comments on the Exposure Drafts and explained draft responses to them.
There were no particular objections to the elimination of the pooling of interest method, which was
the major issue.
There were many comments on the accounting treatment for step acquisition including both Positive
response and negative response for the exceptional treatment pertaining to affiliates as proposed in
the Exposure Draft.
b. The staff introduced comments on the Exposure Drafts and explained draft responses to them.
There were comments requesting judgment criteria for determining when the portion used as rental
property is considered to be low and when the total amount of rental property is considered to beimmaterial. The staff responded that they are matters of judgment and should be determined
individually taken into consideration the actual business conditions of each company.
c. The staff reported the future direction of the Technical Committee’s deliberation.
With respect to the scope of consolidation, the Technical Committee plans to make further
deliberations towards issuance of an Issue Paper on the concept of control, application of the control
criteria, and treatment of SPEs.
d. The Board decided to establish Technical Committee for Earnings Per Share to discuss comments
to the International Accounting Standards Board (IASB) on earnings per share and to develop
domestic accounting standard for earnings per share.

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Issued January 20, 2009 (No.6)(2) 162nd Meeting (held on October 16, 2008)
a. PITF Exposure Draft proposed as a response to the current financial crisis [Resolution for public
release]b. Progress of studies conducted by Technical Committee for Retrospective Applicationc. Progress of studies conducted by Segment Reporting Technical Committee
d. Progress of studies conducted by Technical Committee for Investment Property
e. Progress of studies conducted by Retirement Benefits Accounting Technical Committee
f. Deliberation towards release of an Issue Paper on Financial Instruments
g. Establishment of Technical Committee for Provisions
a. The Board deliberated and resolved for public release of PITF Exposure Draft “Practical Solution
on Measurement of Fair Value for Financial Assets” proposed as an urgent response to the current
financial crisis.
b. The staff introduced comments on the Issue Paper on Accounting Changes and Error Corrections
and explained draft responses to them. The Board received many comments concerning notes on
accounting standards that have not been applied and alignment with related regulations.
c. The staff introduced comments on the Exposure Draft and the Board deliberated responses tothem.
d. The Board discussed draft texts of the standard and its implementation guidance.
e. The staff explained basic policies towards issuance of an Issue Paper concerning post retirement
benefits accounting.
f. The staff reported that the Financial Instruments Technical Committee was going to startdeliberation toward issuance of an Issue Paper concerning revision of the existing accounting
standards for financial instruments and fair value measurement.
g. The Board decided to establish Technical Committee for Provisions and to start deliberation.
(3) 163rd Meeting (held on October 28, 2008)
a. Response to the current financial crisis
The staff introduced comments on Exposure Draft “Proposed Practical Solution on Measurement ofFair Value for Financial Assets”. The Board discussed the comments and resolved for public releaseof the final PITF.
IASB Board Member Tatsumi Yamada explained the background for the IASB’s action to revise theaccounting standards regarding reclassification of financial assets. The Board discussed draft texts ofIssue Paper on Reclassification of Debt Securities and resolved for public release of the Issue Paper.

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(4) 164th Meeting (held on November 6, 2008)
a. Discussion on the comments on Issue Paper on Reclassification of Debt Securities
b. Progress of studies conducted by Technical Committee for Investment Propertyc. Progress of studies conducted by Technical Committee for Business Combinations
d. Progress of studies conducted by Intangible Assets Technical Committeee. Progress of studies conducted by Retirement Benefits Accounting Technical Committeea. The staff introduced comments on the Issue Paper and explained draft responses to them. With
respect to whether reclassification should be permitted, the comments as well as the opinions of theBoard members were divided for and against it.
b. The Board discussed draft texts of the draft accounting standard and its implemantation guidance.
c.&d. The Board discussed draft texts pertaining to the accounting treatment of step acquisition.
With respect to cases in which acquisition is consummated through a series of transactions, the staff
proposed that in consolidated financial statements the difference between the acquisition cost of theacquired entity and the cumulative costs of the individual transactions that resulted in the acquisitionof control should be recorded in earnings for the current period, while in non-consolidated financial
statements, as provided by the existing standard, the acquisition cost of the acquired entity should be
the cumulative costs of the individual transactions that resulted in the acquisition of control.
e. The Board deliberated the future direction of this project while comparing with the current statusof the accounting treatments and on-going discussions at the IASB and the FASB, as part of theeffort to identify issues for the future deliberation on post retirement benefits accounting.
(5) 165th Meeting (held on November 12, 2008)
a. Exposure Draft “Tentative Solution on Reclassification of Debt Securities” [Resolution for public
release]With respect to the effective date, opinions of the Board members were divided between twoalternatives: (1) the (draft) PITF should be applied prospectively following the issue date and (2)retrospective application as of the date on which the relevant decision was made should be permitted.
The latter was adopted in the Exposure Draft.
The Exposure Draft proposed that the (draft) PITF is subject to review after certain period.

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Issued January 20, 2009 (No.6)(6) 166th Meeting (held on November 20, 2008)
a. ASBJ Statement “Accounting Standard for Disclosures about Fair Value of Investment and Rental
Property” and its implementation Guidance [Resolution for public release]b. Progress of studies conducted by Segment Reporting Technical Committeec. Progress of studies conducted by Technical Committee for SPEsd. Progress of studies conducted by Technical Committee for Business Combinations
e. Deliberation themes proposed by the Standards Advisory Council
f. Progress of studies conducted by Retirement Benefits Accounting Technical Committee
g. Progress of studies conducted by Technical Committee for Earnings Per Shareh. Deliberation towards release of an Issue Paper on Financial Instruments
a. The Board discussed the final draft texts and approved the resolution for public release of theaccounting standard and its implementation guidance. There were no substantial changes from the
Exposure Draft and the standard will be effective for fiscal years ending on or after March 31, 2010,

starting from the annual financial statements for the first year. Earlier application is permitted.
b. The Board discussed draft texts of amendmend to accounting standard for quartery reporting and
its implementation guidance. The resolution for public release of them is expected to be approved by
the end of the year 2008.
c. The Board discussed the issues on the draft Issue Paper, such as whether the definition of control
should include benefits and power, in view of the current treatments and on-going discussions in
global accounting standards.
d. With respect to the presentation of “Income before minority interests”, which would be newly
introduced, some of the Board members argued that there was no need for requiring suchpresentation at this point given the ongoing discussion in the IASB on financial statement
presentation. Opinions of the Board members were divided for and against the argument.
e. The Standards Advisory Council proposed to add “accounting for Electronically Recorded
Monetary Claims” and “accounting for a new scheme for holding an entity’s own stock” to theagenda.
f. The staff reported that the resolution for the public release of an Issue Paper is scheduled for theJanuary Board meeting.
g. The Board discussed the draft comments on Exposure Draft of Proposed Amendments to IAS
33“Simplifying Earnings per Share” issued by the IASB.
h. The Board discussed potential issues concerning the review of the current Accounting Standard
for Financial Instruments.

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3. ASBJ’s Comments on Documents Issued by the IASB and the FASB (October
1, 2008 – November 30, 2008)(1) The ASBJ submitted Comments on Exposure Draft “Improvements to International
Financial Reporting Standards” (on November 7, 2008)(Click here for an outline of Exposure Draft “Improvements to International Financial ReportingStandards”.)

4. ASBJ Chairman Ikuo Nishikawa Participated in the 8th China-Japan-Korea
Accounting Standards Setters’ Meeting
The 8th China-Japan-Korea Accounting Standard Setter’s Meeting (the three countries meeting) was
held on October 9-10, 2008 at The Ritz-Carlton Beijing Financial Street in Beijing. The purpose ofthis meeting is to share among standard setters in the three neighboring countries, namely China,
Japan and Korea, understanding about various domestic and international issues and to exchange
views on them. The first meeting was held in February 2002 in Tokyo and the latest meeting marked
its 8th meeting.
From the ASBJ, Chairman Ikuo Nishikawa, Vice Chairman Shigeo Sakase, and Full-time Board
Member Takehiro Arai participated in the meeting. In addition, two other Board Members, Satoshi
Komiyama and Yoshihiro Nomura participated in some of the sessions. Also from the FASF,
Managing Director Hiroshi Endo attended the meeting. In addition to the standard setters in China,
Japan, and Korea, some others attended as observers, including the IASB Board Members Tatsumi
Yamada and Weiguo Zhang and Director of International Activities Wayne Upton, andrepresentatives from Hong Kong and Macau Special Administrative Regions and exchanged theiropinions.
The formal agenda of the meeting is as follows:
Date/Time
October 9Agenda14:00 – 16:10• Update from each country

16:30 – 18:00• Future direction of the three countries meeting• Proposals that the standard setters in China, Japan and Korea would liketo present to the IASB

October 10 8:30 – 10:00• Recent development of the IASB activities• Exchange of opinions

Each country made a presentation about its own activities to move towards convergence. China
introduced its efforts of adopting a new set of accounting standards which correspond to the IFRSs
to all listed companies effective since January 2007 and Korea provided the update of its plans to
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Issued January 20, 2009 (No.6)

fully adopt IFRSs in 2011. The ASBJ provided
explanation about its effort to accelerate
convergence based on the Tokyo Agreement
and the Project Plan updated in September
2008.
With respect to the future direction of the three
countries meeting, active discussions started in
the preparatory phase of the meeting andvarious possibilities were further exploredduring the meeting. Through formal and informal discussions, the standard setters in the three
countries reached a basic agreement that they would discuss a new framework for facilitating
communication and exchange of opinions among standard setters in the Asia-Pacific region. The
standard setters plan to discuss further the detail of the framework and its feasibility sometime inspring 2009.
The next three countries meeting is scheduled to be held in 2009 in Korea.

5. ASBJ Chairman Ikuo Nishikawa Spoke at IFRS in Asia 2008
IFRS in Asia 2008 was held on October 10-11, 2008 at JW Marriott Hotel in Beijing. This
international conference was co-sponsored by International Accounting Standards Committee
Foundation (IASCF), Ministry of Finance (PRC), PwC China, and Shulun Pan Certified Public
Accountants. In this conference, standard setters, regulators, preparers, and users presented ideas
from various standpoints with respect to the impact of IFRS in the Asia-Pacific region, attractingsome 430 attendees from 17 countries who listened to the speeches for two days. The ASBJ
Chairman Ikuo Nishikawa joined Liu Yuting, Director-General of Accounting Regulatory
Department of the Ministry of Finance (PRC) and the KASB Chairman Chung Woo Suh toparticipate in a panel discussion.
In his speech preceding the panel discussion, Chairman Nishikawa stated the ASBJ’s basic position
that the Board would continue to strive to minimize the difference between Japanese GAAP and
IFRS as much as possible based on the understanding that global convergence to high quality
accounting standards is beneficial to market constituents and can be attained through the process ofevaluation and selection in the market, and introduced the following activities of the Board toward
convergence.
•With respect to EU assessment on the equivalence of third countries’ GAAPs, the ASBJ has
been working towards the elimination of 26 differences designated by the Committee ofpg. 7
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European Securities Regulators (CESR) in 2005 and this effort was accelerated since the Tokyo
Agreement issued in August 2007. Subject to the final determination of the CESR, it is likelythat Japanese GAAP will continue to be acceptable within the EU in 2009 and thereafter.
•

The ASBJ holds regular meetings with the IASB and the FASB to facilitate mutual
understanding. In addition, the Board and IASB have agreed to increase the number of the
ASBJ staff members seconded to the IASB and that agreement will be put into practice shortly.

•

The ASBJ is working toward convergence to meet the deadlines by the end of 2008 forshort-term items and by June 30, 2011 for other items according to the Project Plan updated in
September 2008. Under the Project Plan, the ASBJ is committed to participate in the standard
setting activities by the IASB with respect to new IFRSs effective after June 30, 2011 and towork together closely by setting up working groups consisting mainly of directors of both sides
so that the ASBJ will be able to respond to the new standards promptly once they are put into
effect.

6. The 6th Regular Meeting with the FASB to Discuss Global Convergence
Representatives of the ASBJ and the FASB gathered in Norwalk, Connecticut, USA, on November
24-25, for a joint meeting to discuss global convergence. The meeting is the 6th in a series of the
discussions between the Boards, following the 5th held in Tokyo in May 2008. From the ASBJ,
Chairman Ikuo Nishikawa, Full-time Board Member Takehiro Arai, Technical Director Kenichi
Akiba and three other staff members attended the meeting, while from the FASB, Chairman Robert
Herz, Board Member Thomas J. Linsmeier and other staff members were participated. The meeting
agenda is shown in the following table.
Chairman Ikuo Nishikawa also participated in the IASB/FASB roundtable on global financial crisis,
which was held in the afternoon of November 25 at the FASB office. This was the second roundtableon the same topic following the one held on November 14 in London.
AgendaContents
Morning, November 24

Strategy

towarda • Adopting IFRS in the US and Japan

single set of global • Responses to credit crisis
standards
Consolidation(including SPEs)
Derecognition• FASB developments (including Exposure Drafts to amend
FIN 46(R))• IASB Developments

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FAS 140 andIssued January 20, 2009 (No.6)

Afternoon, November 24• Objective of financial reporting and qualitative characteristics

Conceptual
framework(phase A)
Liabilities/equity• Agenda paper for the FASB/IASB joint roundtable (October 2008)

distinction
Morning, November 25
Financial instruments• ASBJ’s comments on IASB Discussion Paper “Reducing Complexity in
Reporting Financial Instruments”• FASB exposure draft “Hedging Activities”

Financialpresentation

statement • FASB/IASB Discussion Paper “Preliminary Views on Financial Statement
Presentation”

The next regular meeting with the FASB is scheduled for early March 2009 in Tokyo.

7. FASF Managing Director Hiroshi Endo Visited FAF, NYSE Regulation, etc.
On November 24-25, FASF Managing Director Hiroshi Endo visited the Financial Accounting
Foundation (FAF) in Norwalk, Connecticut, Deloitte & Touche LLP (D&T), one of the major audit
firms in New York, and the New York Stock Exchange (NYSE) for the purpose of information
gathering and exchange of opinions with various constituents with respect to the responses of themarket constituents to the potential acceptance of IFRS in the U.S.
During the visit to the FAF on November 24, Managing Director Endo had a discussion with Teresa
S. Polley, President and COO of FAF, who provided explanation about the FAF’s position towards
the proposed IFRS Roadmap published by the SEC on November 14 for inviting public comments aswell as the FAS’s efforts to implement IFRS to U.S. companies. Both sides also exchanged opinions
about such issues as funding for the IASC Foundation and governance of the IASB.
During the discussion meeting with D & T held later on the day, Managing Director Endo exchanged
opinions with Joel S. Osnoss, the leader of Global
IFRS & Offering Service and the member of
FASB’s Financial Accounting Standards Advisory
Council about views on the IFRS Roadmap andchallenges and opportunities faced by audit firms
once the application of IFRS becomes mandatory.
During the visit to the NYSE on the following day,the visiting parties exchanged opinions about the

FASB Chairman Robert Herz, FASF Managing
Director Hiroshi Endo, and FAF COO Teresa Polley(from left to right)

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proposed IFRS Roadmap issued by the SEC with Glenn W. Tyranski, Senior Vice President, FinanceCompliance, NYSE Regulation and Marc Iyeki, Managing Director Asia & Middle East/North
Africa Global Listing, NYSE Euronext. ASBJ Full-time Board Member Takehiro Arai also joined
this meeting to provide explanation about the progress of accounting convergence efforts in Japanand to exchange opinions about fair value accounting.
Through this visit in the U.S., it was observed that given the severity of the economic crisis in the
U.S. coupled with the scheduled change of administration next year, market constituents werebeginning to see some uncertainty ahead with respect to the approach proposed on the Roadmap,
although the basic premise of introducing IFRS to U.S. companies had not been changed.

8. The 5th Meeting of ASBJ Standards Advisory Council
ASBJ Standards Advisory Council held its 5th meeting on November 4. The meeting started with thereport by the ASBJ about recent activities, etc. followed by Professor Shinya Saito of Yokohama
National University outlining the FASF/ASBJ commissioned research “Analysis of the Current
Situation and Potential Challenges concerning Reconciliation between Financial Accounting and Tax
laws.” Next, opinions were exchanged about the update of deliberation concerning responses to thefinancial crisis, the nature of the FASF/ASBJ commissioned research report, and approaches to thepresentation of ASBJ’s opinions to the IASB. Council Member Yoshinori Kawamura then reported
the result of the survey based on questionnaire, which was collected from about 120 constituents by
the Standards Advisory Council.
Council Member Hiroki Takeuchi followed by providing explanation about the accounting forelectronically recorded receivables created under the Electronically Recorded Monetary Claims Act,
effective on December 1, 2008. Subsequently, opinions were exchanged about the accounting for a
new scheme for holding an entity’s own stock as explained by the Financial Service Agency (FSA)
during the last meeting of the Council, which led to a conclusion that the Council would make a
recommendation to the ASBJ, according to its endowment act t, that the Board should add this issue
to its deliberation agenda.
In addition, SAC Chairman Yoshiki Yagi resigned the post of the Chairman and based on an internalvote among the Council members, Council Member Yoshiaki Nishimura was elected to chair theCouncil.

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Issued January 20, 2009 (No.6)

9. The 23rd Meeting of IASB Standards Advisory Council (SAC)IASB’s Standards Advisory Council (SAC) held its 23rd meeting on November 13-14, 2008 in
London. From Japan, Yoshiki Yagi, Honorary Counselor, Hitachi, Ltd. and Eiko Tsujiyama,
Professor, Faculty of Commerce, Waseda University attended the meeting as SAC members. In
addition, Hiroyuki Hara, Deputy Director of the FSA attended the meeting as an observer along withASBJ Technical Manager Takashi Matabe.
The meeting agenda is as follows:
Date/Time

AgendaNovember 13• Update by SAC Chairman

10:00 – 13:00• IASB Work Program and MoU• Agenda proposals (financial instruments, rate-regulated industries)• Credit crisis

November 13• Credit crisis (continued)

14:00 – 17:30• Conceptual framework

November 14• Implementation activities (IFRIC, annual improvements)

9:00 – 13:30• Australian post-implementation experience• Session with Trustees• IFRS for Private Entities• Administrative matters (private session)

Terms of the current SAC members expired at theclose of the meeting, which marked the final
meeting for SAC Members Yoshiki Yagi and Eiko
Tsujiyama, who had participated actively in theactivities of the Council since their assumption of
office in 2001. It was announced that Mr. Paul
Cherry would chair the SAC succeeding Chairman
Nelson Carvalho for the term of three years
starting on January 1, 2009. New SAC members
will also be announced shortly.

SAC Member Yoshiki Yagi, Chariman Nelson
Carvalho, and SAC Member Eiko Tsujiyama (from left
to right)

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10. FASF Seminar “Matters to Keep in Mind when Preparing a Report on Second
Quarter ending September 30, 2008”
A quarterly reporting system was newly introduced for fiscal years commencing on or after April 1,
2008. In conjunction with this, FASF held a seminar on “Matters to Keep in Mind when Preparing aReport on Second Quarter ending September 30, 2008.” The FASF also invited a speaker from the
Corporate Accounting and Disclosure Division of the Planning and Coordination Bureau of the FSA
who gave a lecture on “Practical Challenges Surrounding the New Disclosure System.” A speakerfrom the ASBJ also made a presentation about “Progress of Activities of the ASBJ.”
The seminar was held in 11 sessions in total in 9 cities all over Japan, i.e., in Tokyo (three sessions),
Nagoya, Osaka, Fukuoka, Hiroshima, Sapporo, Kanazawa, Takamatsu, and Sendai commencing on(Wednesday) October 1. The seminar was highly successful, as the number of seminar participants
exceeded 3,600, evidencing the strong interest among market constituents in the newly introduced
disclosure system, given that contents of disclosure for the second quarter is expected to be
substantially different from those required for the first quarter.

11. IASB/FASB Roundtable on Global Financial Crisis Held in Tokyo
The IASB and the FASB held a roundtable to discus financial reporting issues related to the global
financial crisis on December 3, 2008 in Tokyo. The ASBJ coordinated the roundtable for the sake of
the Boards. Following the similar roundtables held in London (on November 14) and Norwalk (onNovember 25), the roundtable in Tokyo was held in two sessions for the same theme to hear input
from the constituents in the Asian region. The meeting was attended by 42 participants in total,
including IASB Chairman Sir David Tweedie, IASB Members Tatsumi Yamada, John Smith and
Wei-Guo Zhang together with other staff members, FASB Members Leslie Seidman and Marc Siegel
together with other staff members, and ASBJ Chairman Ikuo Nishikawa, market constituents fromthe Asia-Pacific region (such as standard-setters, auditors, financial institutions, and users offinancial statements) as well as representatives from the International Organization of Securities
Commissions (IOSCO) and the FSA.
The roundtable was intended to help the boards identify accounting issues that may require theurgent and immediate attention of the boards to improve financial reporting and help enhanceinvestor confidence in financial markets. And the boards also asked round table participants to
identify broader financial reporting issues arising from the global economic crisis. The discussion in
the round tables was based on a list of issues submitted by the participants in advance. The main
issues which invited active discussions were as follows:
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Issued January 20, 2009 (No.6)(1) Impairment issues(a) Triggers for recognition and calculation of impairment losses related to financial instruments(b) Subsequent accounting for impairment losses(2) Fair value measurement(a) Inactive markets and distressed sales(b) When fair value should be used(c) Disclosures(3) Reclassification of financial instruments measured under the fair value option(4) Other issues(a) Investments in credit linked financial instruments (including synthetic CDOs)(b) Pro-cyclicality of accounting(c) Effects of accounting standards on regulatory requirements such as taxation
The IASB/FASB continues to discuss on future responses in light of inputs from the roundtable.
In closing, IASB Chairman Sir David Tweedie expressed gratitude for all the participants to theroundtable.
Incidentally, at the outset of the second session, Takafumi Sato, Commissioner of the FSA made aspeech highlighting the increasing importance of the roles of standard setters and continued
willingness on the part of the FSA as a regulator to support standard setting activities. He also
expressed his expectation that accounting standards will help assure the fair and accurate financial
reporting, given the Japanese experience in the late 90’s indicating the importance of timely andaccurate reporting of financial information particularly in cases when a company incurred a loss.

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12. Project Progress (As of January 1, 2009)
2008

2008

2009

2009

2009

2009

Q3

Q4

Q1

Q2

Q3

Q4

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(Step 2: Issues for phase2)
Business Combinations
DP(Step 2: Amortization of goodwill)
Intangibles
Retrospective restatement
ED
Final(Change in accounting policy)
Discontinued operations
DPED
3.Items related to the MoU between the IASB and the FASB(medium and long-term)
Scope of consolidations
DP
ED
Financial statement presentation
DP
ED(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
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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2010

ED
ED
DP

Final
Final
Final

ED

Issued January 20, 2009 (No.6)

13. Notices(1) The publications
Periodical - Accounting Standards Quarterly No. 23 (published on December 15, 2008)[Main contents]Feature article 1: “New Phase of the Convergence Project ─ Revision of the ASBJ Project Plan
to Reflect the Revised MoU between the IASB and the FASB”
“Revision of Project Plan” Kenichi Akiba, ASBJ Technical Director

“Revision of the MoU and Other Activities of the IASB” Tatsumi Yamada, Board Memberof the IASBFeature article 2: “Japanese Responses to Acceptance of IFRS by the U.S.”

Discussion Meeting joined by Koichi Masuda (Chairman, JICPA), Takumi Shibata(Deputy President & COO, Nomura Securities), Noriaki Shimazaki (Representative
Director and Executive Vice President, Sumitomo Corporation), Ikuo Nishikawa(Chairman, ASBJ) and Hiroshi Endo (Managing Director, FASF)

“Outline of the New Roadmap toward Acceptance of IFRS by the U.S.” Akiyoshi
Maruyama, Technical Manager, ASBJ

Accounting Square: “IFRS and Audit Firms” Masanori Sato, Managing Partner, KPMG AZSA
& Co.



CFO Letter: “Efforts toward Post-unification of Accounting Standards” Ichiro Mizuno, Senior
Executive Vice President, Mitsubishi Corporation

This periodical is in Japanese only and can be purchased through our website.

ASBJ Newsletter (No. 6)
Issued: January 20, 2009
Publisher: Accounting Standards Board of Japan / Financial Accounting Standards Foundation
Fukoku Seimei Building 20F, 2-2, Uchisaiwaicho 2-chome, Chiyoda-ku, Tokyo 100-0011, Japan
Editor/Issuer: Akiyoshi Maruyama
Produced by: PR Project Team© Copyright, ASBJ/FASF All Rights Reserved* If you have any comments or requests, please contact:
E-mail: publicity@asb.or.jp
Fax: 03-5510-2712

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