Representatives of the
Accounting Standards Board (FASB) and the
Board of Japan (ASBJ) have concluded the fourth meeting in a series of
dialogues to develop a common set of high-quality accounting standards for both
domestic and international use.
ASBJ is committed to eliminate major differences between Japanese generally
accepted accounting principles and the International Financial Reporting
Standards (IFRS) by 2008.
The remaining differences will be removed on or before 30 June 2011, based on
the ‘Agreement on Initiatives to Accelerate the Convergence of Accounting
Standards’ which was announced by the ASBJ and International Accounting
Standards Board on 8 August 2007.
In addition, representatives of both boards exchanged views on the status of
work on the following projects:
• conceptual framework
• revenue recognition
• liabilities and equity
• scope of consolidation, including SPEs
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day