U.S. and Japan Accounting Standard Setters Hold Biannual Meeting

Representatives of the Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) held a meeting on April 17 in Norwalk, CT. The meeting was the 32nd in a series of meetings between the FASB and the ASBJ to further the boards’ cooperative efforts to develop high-quality global accounting standards.

At this meeting, representatives of the FASB and the ASBJ provided updates on their respective activities and discussed agenda items in which both boards have interest, such as the accounting for crypto assets and the accounting for the impact of the international tax reform.

“Our biannual meetings with the ASBJ allow us to exchange ideas on how our respective standards can provide investors around the world with better, more comparable information they will use in their capital allocation decisions,” said FASB Chair Richard Jones. “Today’s discussions on crypto assets, international tax reform, leases, and other topics yielded fresh insights on important standard-setting issues and their potential impact in the current economic environment. The FASB values our long and productive working relationship with the ASBJ and we look forward to continuing these meetings for many years to come.”

Yasunobu Kawanishi, chair of the ASBJ, added: “We would like to thank the FASB for hosting this in-person meeting in Norwalk. At this meeting, we had constructive discussions on a wide range of issues, including topics in response to the changes in the economic environment such as crypto assets and international tax reform. I think this form of discussions with the FASB provide valuable opportunities for us to further our understanding of the issues and will contribute to improving the quality of global accounting standards.”

The FASB and the ASBJ plan to continue to exchange views. The next meeting is planned in the second half of 2023 in Tokyo.