Japan steps up IFRS convergence
Global convergence on accounting standards moved a step closer yesterday (Tuesday) after the Japanese accounting regulator opened talks with the International Accounting Standards Board.
The Accounting Standards Board of Japan began discussions with the IASB over how to minimise the differences between international financial reporting standards and their own rules ‘towards a final goal of convergence of their standards’.
The two bodies have decided to launch a project as soon as possible. ‘The decision of the ASBJ to join with us to examine the differences between our standards…is a major boost for the convergence of accounting standards worldwide. I applaud the decision of the ASBJ to take this historic step.’