ASBJ and IASB announce convergence to IFRS by 2011

Ikuo Nishikawa, Chairman of the Accounting Standards Board of Japan (ASBJ), and Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), jointly announced the Tokyo Agreement to accelerate convergence between Japanese GAAP and International Financial Reporting Standards (IFRS) by 2011. (View the Press Release.)