On February 7 and 8, 2011 members of the Accounting Standards Board of Japan and the Financial Accounting Standards Board (FASB) met to update each other on the progress they are making on convergence of their respective Accounting Standards with International Financial Reporting Standards (IFRS). This meeting is one of the many that FASB has undertaken with different International Accounting Standards Board to discuss the convergence of U.S. GAAP with International Financial Reporting Standards.
In terms of making a decision about convergence, for Japan it will be around 2012. For US, the Securities and Exchange Commission is expected to decide whether the FASB and IASB (International Accounting Standards Board) have made sufficient progress on convergence, and whether IFRS can eventually be incorporated into the U.S. financial reporting system.
