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In August 2007, the Accounting Standard Boards of Japan (ASBJ) and the International Accounting Standards Board (IASB) jointly announced an agreement (known as the Tokyo Agreement)
to accelerate convergence between Japanese GAAP and International Financial Reporting Standards (IFRS).
As part of the agreement the two boards will seek to eliminate by the end of 2008 major differences between Japanese GAAP and IFRS (as defined by the July 2005 CESR assessment of equivalence),
with the remaining differences being removed on or before June 30, 2011. Differences and related ASBJ Standards/Exposure Drafts recently released, to be released or that are in review are as follows:. |
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| Topic |
ASBJ release Date |
Effective Date (fiscal year / beginning date) |
Remarks |
| Disclosures about Segments of an Enterprise and Related information |
March
2008 |
April 1, 2010 |
Accounting standard and its implementation guidance were released. |
| Retirement Benefits |
March
2008 |
April 1, 2009 (early application is permitted) |
Exposure Draft of Proposed Amendments to a part of Accounting Standard for Retirement Benefits (3) |
| Asset Retirement Obligations |
March
2008 |
April 1, 2010 (early application is permitted) |
Accounting standard and its implementation guidance were released. |
| Investment property |
Expected in Q4 2008 |
Undecided |
Exposure Draft is expected in Q2 2008. |
| Impairment of assets |
Undecided |
Undecided |
Undecided |
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In March 2008, CESR submitted its interim advice to the European Commission on the equivalence of Chinese, Japanese and US GAAP.
As of June 2008, there is adequate evidence that the ASBJ is achieving its objectives as set out in the Tokyo agreement.
The CESR will likely recommend that Japanese GAAP is generally equivalent to IFRS. |
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