Issued November 25, 2010 (No. 17)

Contents

1. New ASBJ Documents (released between August 1 and September 30,
2010)
2. Overview of ASBJ Meetings (207th – 209th)
3. ASBJ’s Comments on the Documents Issued by the IASB and FASB
(August 1, 2010 – September 30, 2010)
4. The 10th Standards Advisory Council Meeting
5. ASBJ’s Project Plan Update
6. Establishment of the Panel on Non-consolidated Financial Statements
7. The 9th Joint Meeting with the FASB
8. Chairman Tommaso Padoa-Schioppa of the IFRS Foundation Visits Japanand Meet Market Participants
9. The 12th Joint Meeting with the IASB
10. ASBJ Vice Chairman Atsushi Kato Attends the 10th National Standard
Setters (NSS) Meeting
11. ASBJ Vice Chairman Atsushi Kato Attends the World Standard Setters(WSS) Meeting
12. The 10th China-Japan-Korea Meeting
13. The Second Asian-Oceanian Standard Setters Group (AOSSG) Meetingin Tokyo
14. ASBJ holds its Fifth and Sixth Sessions of a Series of Open Seminar
15. Project Progress (As of September 30, 2010)

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1. New ASBJ Documents (released between August 1 and September 30, 2010)(1) [DP] Release of Issue Paper on Improvements of Accounting Standard for Financial Instruments(Classification and Measurement of Financial Assets) (August 16, 2010)(The comment deadline is November 30, 2010)(2) [ED] Release of Exposure Draft of Proposed Amendments to ASBJ Statement No.22 AccountingStandard for Consolidated Financial Statements (Exposure Draft of Statement No.44), Proposed
Amendments to ASBJ Guidance No.15 Guidance on Disclosures about Certain Special Purpose
Entities (Exposure Draft of Guidance No.39), Proposed Amendments to ASBJ Guidance No.22
Guidance on determining a subsidiary and an affiliate (Exposure Draft of Guidance No.40),
Proposed Amendments to ASBJ PITF No.20 Practical Solution on Application of the Control
Criteria and Influence Criteria to Investment Associations (Exposure Draft of PITF No.35)(September 3, 2010)(The comment deadline is November 4, 2010)[Legend]
DP: Issue Paper, Discussion Paper
ED: Exposure Draft
Final: Statement/Guidance etc. (final version)

2. Overview of ASBJ Meetings (207th – 209th)(1) 207th Meeting (held on August 5, 2010)a. Discussion Paper on Improvements of Accounting Standard for Financial Instruments(Classification and Measurement of Financial Assets) [Approval for public release]b. Progress of the Technical Committee for Special Purpose Entities (SPEs)c. Progress of the Technical Committee for Business Combinations
d. Discussion on Intangible Assets
a. The Board approved the release of the discussion paper. It was released on August 16, 2010 and thecomment deadline is November 30, 2010.
b. The Board discussed an amendment to the treatment for SPEs as a short-term phase of theConsolidation project. The Board considers limiting the application of the special treatment forSPEs to transferors of assets. For SPEs included in the scope of consolidation, it was suggested that
non-recourse debts should be presented separately in the consolidated financial statements andassets corresponding to the non-recourse debts should be disclosed in the note.
c. The Board discussed Step 2 in the business combination project, including non-amortization of
goodwill. Not only the acquired goodwill method but also the full goodwill method would bepermitted like IFRS. However, whereas IFRS permits a choice election for each businesscombination, the Board considers allowing a choice as an accounting policy.
d. The Board discussed an amendment to PITF No. 18 Practical Solution on Unification of
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Accounting Policies Applied to Foreign Subsidiaries for Consolidated Financial Statements, related
to the development of an accounting standard for intangible assets. PITF No.18 requires that thedevelopment costs capitalized in subsidiaries’ financial statements should be adjusted as expenses
when incurred in order to conform to Japanese GAAP, in preparing consolidated financial
statements using the subsidiaries’ financial statements prepared in accordance with IFRSs. This
amendment was discussed because this difference would be eliminated if the accounting for
intangible assets would be converged with IFRSs.
(2) 208th Meeting (held on August 26, 2010)
a. Deliberation themes proposed by the Standards Advisory Council
b. Discussion at the Retirement Benefits Accounting Technical Committeec. Discussion at the Technical Committee for Business Combinations
d. Discussion at the Retirement Benefits Accounting Technical Committeee. Progress of the Financial Instruments Technical Committee (discussion on FASB exposure draft“Financial Instruments”)
f. Progress of the Technical Committee for Financial Statement Presentation (discussion on IASB
exposure draft)a.

Two agenda were proposed by the Standards Advisory Council as a result of its meeting held on
August 2, 2010. The recommended agenda are (1) simplification of quarterly reporting(amendments to Accounting Standards for Quarterly Financial Statements) which was also taken
up in the government’s new growth strategy and (2) development of accounting standards for
subsequent events, which is included in global standards but does not exist in Japanese GAAP.
The Board agreed to take up both as agenda.

b.

The Board approved the release of the exposure draft of revision to Accounting Standard forConsolidated Financial Statements, proposing an amendment to the treatment of SPEs as ashort-term measure. In the draft discussed at the 207th meeting, non-recourse debts of SPEs
included in the scope of consolidation would be separately presented in the consolidated balance
sheet, but in the exposure draft those debts would be disclosed in notes. The exposure draft was
released on September 3, 2010 and the comment deadline is November 4, 2010.

c.

The Board discussed a treatment of impairment of goodwill, in particular a unit of allocation andhow to measure impairment. In the discussion paper and subsequent deliberations, the Board wasconsidering allocating the carrying amount of goodwill to cash-generating units like IFRSs.
Now the Board considers retaining the existing treatment, which allocates it to a larger unit
including goodwill, based on a view that in practice the results would be the same with that under
IFRSs. Regarding measurement, the Board considers, like IFRSs, the one step approach torecognition and measurement of impairment losses for goodwill of material amounts, in line with
non-amortization of goodwill.

d.

Various comments were received on the exposure draft, and the Board discussed whether it should
proceed with Step 1 of the project as previously scheduled.
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e. - f. The Board discussed comments on exposure drafts.
(3) 209th Meeting (held on September 16, 2010)
a. Update on Project Plan
b. Discussion at the Retirement Benefits Accounting Technical Committeec. Discussion on revisions to the Accounting Standard for Quarterly Reportingd. Discussion regarding developments of the Accounting Standard for Subsequent Eventse. Progress of the Financial Instruments Technical Committee (discussion on FASB exposure draft“Financial Instruments”)
f. Progress of the Technical Committee for Revenue Recognition (discussion on IASB exposure
draft)
g. Progress of the Technical Committee for Financial Statement Presentation (discussion on IASB
exposure draft)a. The Board discussed its project plan update, which indicates the timelines for developing standards.
“Amendments to Accounting Standards for Quarterly Financial Statements” and “Development ofaccounting standard for subsequent events” has been added to the project plan.
b. The Board discussed how to proceed with the Post-employment Benefits project. There are various
views on how to address Step 1 and the Board votes on it at the next meeting on October 7.
c. The present situations of quarterly reporting in foreign countries were presented and then the Board
discussed how to proceed with the project. It is aimed to release the exposure draft by the end of
the year, and the final standard by March 2011.
d. The list of items and issues to be considered in developing accounting standard for subsequent
events were explained. The exposure draft is planned to be issued by the end of the year and thefinal standard by March 2011.
e. - g. The Board discussed comments on exposure drafts

3. ASBJ’s Comments on the Documents Issued by the IASB and FASB (August
1, 2010 – September 30, 2010)(1) Comment on the Exposure Draft “Defined Benefit Plans” was submitted to the IASB (September
6, 2010)(2) Comment on the Proposed Accounting Standards Update “Accounting for Financial Instruments
and Revisions to the Accounting for Derivative Instruments and Hedging Activities” was submitted
to the FASB (September 30, 2010)(3) Comment on the Exposure Draft “Presentation of Items of Other Comprehensive Income(Proposed amendments to IAS 1)” was submitted to the IASB (September 30, 2010)

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4. The 10th Standards Advisory Council Meeting
The 10th Standards Advisory Council Meeting was held on August 2, 2010. The Meeting beganwith a report on the ASBJ’s recent activities, after which there was an exchange of views regarding
India-Japan Dialogue and advance application to consolidated financial statements. Then, following
an explanation of ASBJ Medium-Term Operating Policy issued in June, there was an exchange ofviews on public relations, accounting standards for unlisted companies and its cooperation in the
IFRS endorsement process.
In addition, there was an explanation of the implementation guidelines for the questionnaire survey
on ASBJ activities that was implement last year.
The Financial Services Agency (FSA) requested consideration of “Amendments to AccountingStandards for Quarterly Financial Statements” and “Development of accounting standard for
subsequent events.” As a result of discussions, the Standards Advisory Council decided to propose
the ASBJ to consider undertaking those projects.

5. ASBJ’s Project Plan Update
On September 17, the ASBJ published the update of the project plan through 2011. This update of
the project plan was primarily in response to the “Progress Report on Commitment to Convergenceof Accounting Standards and a Single Set of High Quality Global Accounting Standards” issued by
the IASB and the FASB in June 2010 and their updated work plan based on that. In addition, theupdated plan also reflects the new projects that the ASBJ has decided to undertake based on therecommendation by the Standards Advisory Council in August 2010, namely, “Amendments to
Accounting Standards for Quarterly Financial Statements” and “Development of accounting
standard for subsequent events”.

6. Establishment of the Panel on Non-consolidated Financial Statements
Japan is now working on global convergence of accounting standards. On the treatment of
non-consolidated financial statements, the Business Accounting Council, at its meeting this August,decided that the FASF should consider the measures for functional enhancement of standard setting
on this issue by the ASBJ and enhanced supports for that purpose by stakeholders including thebusiness community, taking account of ensuring the ASBJ’s independence.
In the light of those circumstances, we decided to establish the Panel within the Foundation toreceive high-level input about how to address the convergence for non-consolidated financial
statements at the moment. The Panel will seek consensus on how to address individual accounting
standards, after hearing and considering the views of stakeholders. The ASBJ will make final
judgments taking the consensus of the Panel into careful consideration.

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Members of the Panel on Non-consolidated Financial Statements
President, Financial Accounting Standards Foundation

Chair
Toshitaka Hagiwara
Vice Chair

Senior Advisor, The Japanese Institute of Certified PublicKoichi Masuda

Accountants

Masaru Takei

Executive Vice President, Tokyo Electric Power Company

Fumio Muraoka

Director, Representative Executive Officer and Corporate Senior
Executive Vice President, Toshiba Corporation
Representative Director and Executive Vice President, Nippon

Shinichi Taniguchi

Steel Corporation
Representative Executive Officer, Senior Vice President andToyoaki Nakamura

Executive Officer, Hitachi, Ltd.
Kunio Nozaki

Managing Executive Officer, Sumitomo Chemical Co., Ltd.

Joji Okada

Executive Managing Officer, Deputy Chief Financial Officer andGlobal Controller, Mitsui & Co., Ltd.
Senior Managing Director, Sumitomo Mitsui Banking

Takeshi Kunibe

Corporation
Masakazu Kubota

Senior Managing Director, Nippon Keidanren

Shozo Yamazaki

Chairman and President, The Japanese Institute of Certified
Public Accountants
Senior Executive Vice President & COO, Tokyo Stock Exchange

Hiroyuki Iwakuma

Group, Inc.
President & CEO, The Securities Analysts Association of Japan

Kiyoto Hagiwara(Observers)
Financial Services Agency
Ministry of Justice

Ministry of Economy, Trade and Industry
Ikuo Nishikawa Chairman, Accounting Standards Board of Japan

7. The 9th Joint Meeting with the FASB
Representatives of the ASBJ and FASB met on August 12-13, 2010 in Tokyo, Japan.

Led by Ikuo

Nishikawa, Chairman of the ASBJ, and Robert H. Herz, Chairman of the FASB, the meeting was theninth in a series of discussions between the ASBJ and the FASB designed to enhance dialogue
between the two Boards in their shared pursuit of global convergence of accounting standards.
In June 2010, the FASB and the IASB issued a joint statement, Joint Statement by the IASB and the
FASB on their Convergence Work, and announced their modified work plan for improvement andconvergence of U.S. GAAP and IFRSs.

The ASBJ supports the efforts by the FASB and the IASB
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towards a single set of high quality global accounting standards and is making progress with its
projects to achieve convergence between Japanese GAAP and IFRSs, keeping pace with the progressof the joint projects by the FASB and the IASB.
At this meeting, considereing those trends, the ASBJ and the FASB updated recent developments intheir respective convergence projects and exchanged views on the following projects:Financial Instruments (the FASB’s Exposure Draft issued in May 2010)



Revenue Recognition (the Exposure Draft issued by the FASB and the IASB in June 2010)

Leases (the accounting model in the Exposure Draft to be issued by the FASB and the IASB)

Representatives of the ASBJ and the FASB agreed that their ongoing discussions are useful inpromoting mutual understanding that will contribute to subsequent deliberations at their respective
Boards and to the future development of high-quality accounting standards on the significant items
to be improved in the medium and long term with the IASB. The ASBJ and the FASB agreed thatthey would continue to exchange views on issues faced and current concerns.

8. Chairman Tommaso Padoa-Schioppa of the IFRS Foundation Visits Japanand Meet Market Participants
Mr. Tommaso Padoa-Schioppa, new Chairman of the IFRS Foundation (name changed in July 2010),
along with Mr. Tom Seidenstein, Chief Operating Officer of the IFRS Foundation visited Japan on
August 24 and 25, 2010.
Chariman Padoa-Schioppa was born in Italy in 1940 (70 years old). His past function includes
Deputy Director General of the Banca d’Italia, Chairman of the Basel Committee on Banking
Supervision and Chairman of the Committee on of Payment and Settlement Systems of the G10Central Bank Governors. In 2005, he became Chairman of the Trustees of the IASC Foundation(currently the IFRS Foundation), succeeding Paul Volcker, the first chairman of the Foundation.
He once stepped down as the Chairman in 2006 to take office as Minister of Economy and Financeof the Italian Government. He returned to the Foundation after an interval of the four years.
This was his first foreign visit as the Chairman of the Foundation and he visited Korea and China
afterward. This indicates how the IFRS Foundation thinks much of Japan and Asia.
During his short visit in Japan, he visited the Financial Services Agency (to meet Minister
Shozaburo Jimi, Deputy Minister Kohei Otsuka, and Katsunori Mikuniya, Commissioner of the
FSA), Nippon Keidanren (Chairman Hiromasa Yonekura), Bank of Japan (Governor Masaaki
Shirakawa), Tokyo Stock Exchange (President Atsushi Saito) as well as President Toshitaka
Hagiwara of the FASF. In addition, he attended a morning meeting with the members of the IFRS
Council of Japan, and he was interviewed by the Nikkei.
Chairman Padoa-Schioppa reiterated that the IASB is distinguished as a global standard-setter and
the Japanese contribution to the IASB and the IFRS Foundation is significant, and that the year 2010
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through 2012 is a critical time in term of the prospect of IFRS adoption, expressing an expectation
for a decision in Japan towards 2012. In the meantime, Japanese constituents expressed desire for an
IASB satellite office to be located in Tokyo, and asked questions including the development of theconsultations between the IASB and the FASB and the relationship between the IFRS and prudential
regulations.

9. The 12th Joint Meeting with the IASBThe IASB and the ASBJ have held their twelfth meeting to further progress their convergence
activities, and to review the progress of preparations for the intended adoption of IFRSs in Japan.
Led by Sir David Tweedie, Chairman of the IASB and Ikuo Nishikawa, Chairman of the ASBJ, themeeting took place on 9 and 10 September 2010 in London.
At the meeting, representatives of the boards shared updates of the recent developments in theirrespective convergence projects and had in-depth discussions about following topics:
Financial instruments (classification and measurement of financial liability, measurement of

impairment and hedge accounting) Consolidation
 Leases Revenue recognition.
In the session on financial instruments, they discussed the new model of impairment (the expected
loss model) proposed in the exposure draft “Financial Instruments: Amortised Cost and Impairment”,
taking into consideration the IASB’s recent discussions. Also they discussed the proposed
requirements for own credit risk of financial liability when applying fair value option, in the
exposure draft “Fair Value Option for Financial Liabilities” issued by the IASB in May 2010, basedon the comments submitted by the ASBJ. In addition, they discussed the improvement of hedge
accounting, which the IASB is actively deliberating.
In the session on consolidation, they discussed the exposure draft ED10 “Consolidated Financial
Statements” issued in December 2008, in particular, notion of control in cases where an entity holdswith less than half of the voting rights of another entity. Issues related to treatment of related parties
and potential voting rights in assessing control were also discussed.
In the session on leases, they discussed the accounting model proposed in the exposure draft “Leases”
jointly issued by the IASB and the FASB in August 2010, focusing on the accounting by lessors, inparticular on the proposal to use multiple accounting models and consistency with the proposed newrevenue recognition model.
In the session on revenue recognition, they discussed the new revenue recognition model proposedin the joint IASB-FASB exposure draft “Revenue from Contracts with Customers” issued in June
2010, in particular how to identify performance obligations under contracts and accounting
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treatments of rights of return and product warranties.
Furthermore, they exchanged views on various interpretative and practical issues arising in thecontext of the voluntary adoption of IFRSs in Japan.

10. ASBJ Vice Chairman Atsushi Kato Attends the 10th National Standard
Setters (NSS) Meeting
The 10th National Standard-Setters (NSS) Meeting was held on September 18-19, 2010 in Rome,
Italy. Hosted by the Accounting Standard Board of Italy, there were 66 representatives of 25 national
accounting standard-setters including the United Kingdom, the United States, Canada, France,
Germany, Australia, Korea, India, Malaysia, and South Africa, as well as the US SEC and theEuropean Financial Reporting Advisory Group (EFRAG). Attendants from the ASBJ were Vice
Chairman Atsushi Kato, Technical Director Atsushi Kogasaka and Technical Manager Toru
Yoshioka. The purpose of the meeting is to discuss technical projects undertaken by national
standard setters and to provide input and support for the IASB’s development of standards. The
following topics were discussed at the meeting:
Agenda Item

Speaker

September 18, Saturday
1

Convergence and Global Accounting Standards

US SEC

2

Current international development in financial

UK

reporting and IASB’s work programme
3

XBRL

Singapore4

IAS 41: Agriculture

Malaysia

5

Corporate Income Taxes

UK/Germany/EFRAG

September 19, Sunday
6

Conceptual Framework

IASB/FASB

7

Contributing to the Conceptual Framework: Unit ofUK

Account
8

Measurement: IPSASB draft Consultation Paper

IPSASB

9Towards a Measurement Framework

Canada10

Towards a Measurement Framework: An alternative

Franceview
11Business Combinations Under Common Control

Italy

12

Effects studies: an update

UK/EFRAG

13

Research on IFRS 2: an update

FranceThe meeting began with a presentation from Mr. Kroeker, Chief Accountant of the SEC, on theWork Plan issued in February 2010, discussing its ongoing consideration of transition to thepg. 9
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financial reporting system incorporating the IFRSs. In reply to questions over the NSS’s experiencesin the IFRS implementation, the NSS expressed various views.
In Agenda No.2, the NSS discussed the FASB exposure draft on financial instruments and the
IASB’s recently issued exposure drafts on revenue recognition, leases and insurance contracts, aswell as the progress of deliberations on impairment and hedge accounting. Participants actively
expressed their views. During the discussion, the ASBJ mentioned that those topics were discussed
by the Working Groups at the 2nd Asian-Oceanian Standard Setters Group Meeting (AOSSG) andthat the AOSSG would gather views as the group and submit comments on respective topics.
Continued from the previous meeting, topics on Conceptual Framework were widely discussed.
Among those, Agenda No.7 is the project initiated by the request from the IASB and the FASB andthe ASBJ takes part in it.
The next NSS Meeting is scheduled to be held in New York, in Spring 2011.

11. ASBJ Vice Chairman Atsushi Kato Attends the World Standard Setters(WSS) Meeting
A World Standard-Setters (WSS) Meeting was held in London on September 20 –21 (Monday–Tuesday), 2010. The WSS Meeting is held once a year in autumn to facilitate the exchange ofviews between the IASB and the national standard setters around the world.
The 2010 WSS Meeting, chaired by IASB Board Member Tatsumi Yamada, was attended by nearly
100 representatives from around 50 countries. The Japanese delegation included Vice Chairman
Atsushi Kato and Technical Manager Toru Yoshioka. The topics included reports on the IFRS
implementation issues, presentation of the IASB’s project planning and recent key considerations,project updates and small group discussions. The agenda are shown below:[September 20]
 Welcome speech by IASB Chairman Sir David Tweedie


IFRS Implementation Issues

 Leases

Project updateBeak-out discussionsGroup feedback

Keynote speech (Mr. Furusawa, Financial Services Agency, Japan)

 Educational sessions
Emission trading

Extractive activitiesXBRL IFRS taxonomy[September 21]
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 IASB planning and priorities (post 2011 agenda)
 Involvements with IASB (Mr. Stephen Cooper, Board member) IFRS Advisory Council update (Chairman Paul Cherry) Individual session


IFRS for SMEs



Other projects (Insurance contracts, Financial statement presentation,
Revenue recognition, Financial instruments: Replacement of IAS39)

 Individual session


IFRS technical update and Q&A

Other projects (Fair value measurement, Financial statement presentation,
Revenue recognition, Financial instruments: Replacement of IAS39)

 Implementation actives update Effective dates and transitional provisions
At the keynote speech on Day 1, Mr. Furusawa, Director, Corporate Accounting and Disclosure
Division of the Japan Financial Services Agency (FSA), introduced the FSA’s actions for the IFRS
implementation, cooperation with the ASBJ and monitoring of the IFRS Foundation. He emphasized
the necessity for enhancement of stakeholders’ understanding of the IFRSs and the importance of
education and training, taking an example of the interpretation issue on depreciation arising in Japan.

12. The 10th China-Japan-Korea Meeting
The 10th China-Japan-Korea Accounting Standard-Setters Meeting was held in Tokyo on September
28, 2010, prior to the Asian-Oceanian Standard Setters Group (AOSSG) Meeting. The purpose ofthis meeting is to build consensus and facilitate the exchange of views between the accounting
standard-setters of these three neighboring Asian countries regarding various domestic andinternational issues. The first meeting was held in Tokyo in February 2002 and this was the tenth.
Attendants from the ASBJ were Chairman Ikuo Nishikawa, all full-time Board Members and some
ASBJ technical staff. Besides the representatives of the accounting standard-setters of China,
Japan and South Korea, IASB Board Members Tatsumi Yamada and Wei-Guo Zhang and a
representative from Macao attended as observers.
ASBJ Chairman Ikuo Nishikawa opened the meeting, noting that it is still meaningful for the three
countries to share their knowledge since there are many common issues among them although they
are in different situations; Japan is working on adoption of IFRSs; China is accelerating
convergence; and Korea is mandating the use of IFRSs next year. Views were exchanged on issues
common to three countries, including accounting standards for SMEs when implementing the IFRS.

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13. The Second Asian-Oceanian Standard Setters Group (AOSSG) Meeting inTokyo
On 29 and 30 September 2010, the second meeting of the AOSSG was held at the Akihabara
Convention Hall in Tokyo. The meeting was hosted by the ASBJ and attended by around 90
representatives from twenty-four accounting standard setting bodies from countries or jurisdictionsin the Asian-Oceanian region. The meeting was also attended by Sir David Tweedie, Chairman of
the IASB, IASB Board Member Tatsumi Yamada and other Board Members, along with the IASB’s
Director of International Activities and Mr. Shimazaki, a Trustee of the IFRS Foundation.
Attendants from the ASBJ were Chairman Ikuo Nishikawa, Board Members and technical staff.
At the start of the meeting, Mr. Shozo Azuma, the Senior Vice Minister of cabinet office forFinancial Services delivered the keynote speech, noting the importance of having greater
coordination among the Asian-Oceanian standards setters in the development of the IFRSs. Sir
David Tweedie expressed his appreciation of the continued efforts of the AOSSG, commenting thathe strongly believes that the inputs from the region should be given more weight, considering thestrong economic growth and developments throughout the region.
During the administrative discussion, amendments to the Memorandum of Understanding wereapproved, to appoint Mr. Ikuo Nishikawa, Chairman of the ASBJ as the chairman of the AOSSG for
the next one year, decide that Australia will host the third AOSSG meeting, and create the
Chairman’s Advisory Committee for ensuring operational continuity of the AOSSG. In addition, thelaunch of a web-site of the AOSSG was agreed in order to raise awareness.
In the technical sessions, following a presentation on the latest developments of standards by an
IASB board member, the topics of financial instruments, insurance, Islamic finance, fair value
measurement, financial statement presentation, leases, revenue recognition, consolidation andemission trading were presented and discussed at Working Group. Among those, the ASBJ
co-chaired the working groups on revenue recognition and emission trading.

14. ASBJ holds its Fifth and Sixth Sessions of a Series of Open Seminar
The ASBJ and FASF, starting this year, host the ASBJ Open Seminars on “Development of IFRS
and its Adoption in Japan” in major cities through Japan. Those purposes are to provide up-to-date
information about global trends in accounting, which can be presented only by the ASBJ who is able
to timely follow the trends, and thereby contribute to promotion of environment for successful IFRS
adoption as well as to improve services to the members of FASF. The latest seminars subtitled “IFRS
Now” were held in Fukuoka on August 23 and in Sapporo on August 25.

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15. Project Progress (As of September 30, 2010)
2010
Q4

2011
Q1

2011
Q2

2011
Q3

2011
Q4

Items related to the remaining differences between existing Japanese GAAP and IFRSs
Business Combinations (Step2)
Intangibles

ED
ED

Final
Final

Items related to projects addressed in the MoU between the IASB and the FASB
1 Scope of Consolidations
2 Financial Statement Presentation- Phase B- Discontinued Operations
3 Revenue Recognition
4 Liabilities and Equity Distinctions
5 Financial Instruments- Classification and Measurement of
Financial Assets- Classification and Measurement of
Financial Liabilities- Impairment

ED

Final
DP
Final

ED
DP

ED
DP

ED
DP or
DP2

ED
ED

- HedgingED

6 Fair Value Measurement
Disclosure
7 Post-employment Benefits- Step 1

and

Final

Final

- Step 2DP

8 LeasesDP

9 Derecognition

ED
ED

DP

ED

Items related to the IASB projects other than those addressed in the MoU between the
IASB and the FASB
Provisions
Emission Trading Schemes
Insurance Contracts

DP2

ED

Items other than those addressed by the IASB and the FASB
Special Purpose Entities
Final
DP2
ED
Quarterly Financial Statements
ED
Subsequent EventsED[Legend]DP
Discussion Paper
DP2 Advanced Discussion Paper (It is a document presenting preliminary views in the form near toa standard before the development of exposure drafts.)
ED
Exposure Draft
Final Accounting Standard/Guidance etc.
Italicized legends indicate finished events.

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“ASBJ Newsletter” (No. 17)
Issued on November 25, 2010
Editor: Shosaku Shimomura
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)

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