Monday, March 26, 2018
Representatives of the Australian Accounting Standards Board (AASB) and the Accounting
Standards Board of Japan (ASBJ) met on 22 and 23 March, 2018 in Melbourne,
Australia. This meeting was the first meeting between the AASB and members of the ASBJ.
At this meeting, the AASB and the ASBJ both provided updates on their respective financial
reporting frameworks, activities and exchanged views on the opportunities for cooperation.
The AASB and the ASBJ also discussed specific technical topics in which both Boards have
interest, including IFRS implementation issues (particularly impairment testing), virtual
currencies, intangibles (particularly goodwill), business combinations under common
control, equity method of accounting and other comprehensive income.
The AASB and the ASBJ plan to continue to exchange views.
AASB Chair Kris Peach said, “It has been an honour to host the ASBJ during this inaugural
visit. The past few days have been invaluable in bringing together the technical staff and
members of both boards. The conversations held and the insights exchanged – on both an
operational and technical level – have been of great benefit. In particular, we look forward to
creating more opportunities to collaborate with the ASBJ on a number of exciting projects. A
deeper understanding of ASBJ’s perspectives will help us when recommending
internationally acceptable solutions to some long outstanding accounting issues”.
Atsushi Kogasaka, Vice Chairman of the ASBJ, stated, “I am grateful to the AASB for hosting
our first bilateral meeting in Melbourne. I found it very meaningful for us to share
perspectives on the technical topics, as well as the views of preparers, users and other
stakeholders in the respective jurisdictions. In order to enhance the quality of the financial
reporting internationally, I hope that the ASBJ will continue the productive relationships
with the AASB".