IASB and ASBJ meet to discuss convergence of IFRS in Japan

The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) held their 11th meeting to review preparations for the convergence with IFRS in Japan. The meeting took place on April 27-28, 2010 in Tokyo. The IASB and the ASBJ have accelerated their work towards convergence of IFRS and Japanese generally accepted accounting principles by June 2011, as described by their Memorandum of Understanding (known as the Tokyo Agreement). This is consistent with requests by the Group of 20 Leaders (G20) to complete convergence of global accounting standards by this date. (Read the IASB Press Release.)