Associates of the Monetary Accounting Requirements Board (FASB) and the Accounting Criteria Board of Japan (ASBJ) held a on a regular basis scheduled meeting on Oct. 26 and Oct. 27. The meeting was the 28th in a sequence of biannual conferences among the FASB and the ASBJ to even further the boards’ cooperative efforts to build global accounting specifications. As with the past assembly, this assembly was held just about thanks to the novel coronavirus (COVID-19) pandemic.
At this assembly, representatives of the FASB and the ASBJ supplied updates on their respective routines, such as the response to the COVID-19 pandemic’s consequences, and reviewed agenda things in which each boards have frequent passions, including the accounting for goodwill, the equity system of accounting and the FASB’s Exposure Draft on the Aspects chapter of the Conceptual Framework for Fiscal Reporting.
The FASB and the ASBJ strategy to go on to exchange sights. The up coming conference is planned for the 1st fifty percent of 2021.
“The biannual meetings in between the ASBJ and the FASB contribute to improved, more aligned specifications in our respective jurisdictions, and I am honored to engage in these discussions in my new purpose with the FASB,” Richard R. Jones, chair of the FASB, stated. “Our exchange of thoughts on goodwill accounting, the equity process of accounting and the conceptual framework yielded new insights on these issues, as effectively as precious enter on our post-implementation review of requirements on leases, credit losses and profits recognition. Our dialogues are particularly vital at a time when equally boards seek out to assistance stakeholders properly address pandemic-similar monetary reporting issues.”
“This was our 1st meeting considering the fact that Mr. Jones became chair of the FASB and I am delighted that we have been in a position to deepen our mutual knowing,” Atsushi Kogasaka, chair of the ASBJ, stated. “We had insightful discussions on a broad variety of concerns, such as the accounting for goodwill and the FASB’s Publicity Draft on the Aspects chapter of the Conceptual Framework for Economic Reporting, above the two days. While this was the second conference to be held in the variety of a video clip meeting, I believe that it is essential to lead to bettering the high quality of world accounting criteria by responding to the unsure conditions.”