PracticeAuditIASB in Far East convergence move

IASB in Far East convergence move

The International Accounting Standards Board and its Japanese counterpart have launched an IFRS convergence project aimed at narrowing differences between their respective reporting rules.

Link: IASB accountability questioned

The move is one of many projects designed to bring accounting standards closer on a global scale. However, differences between both boards – principally the accounting treatment of mergers – is expected to create an added level of complexity.

A large number of accountants in Japan has argued that certain business combinations should be seen as a ‘pooling of interests’ in which neither company is technically the acquirer, but under IFRS, all mergers must be treated as a form of acquisition in accounting terms.

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