United States and Japan discuss global convergence to IFRS

The Financial Accounting Standards Board (FASB) recently met with the Accounting Standards Board of Japan (ASBJ) in Tokyo to discuss their shared pursuit of global convergence of accounting standards. Representatives of both Boards agreed that their ongoing discussions are useful in promoting mutual understanding that will contribute to subsequent deliberations and to their respective convergence projects with the IASB. They agreed to continue exchanging views on longer-term issues and current concerns (view FASB press release).