Financial Accounting Standards Board Meets with Accounting Standards Board of Japan to Discuss Global Convergence

Convergence—the development of a common set of high-quality accounting standards for both domestic and international use—has been a major initiative of the FASB and ASBJ. Working in partnership with the International Accounting Standards Board (IASB), the organizations believe that common global financial reporting across the major business and capital markets of the world is a critical component in providing credible, comparable, conceptually sound, and usable financial information They agreed that both Boards would continue to exchange views on longer-term issues and current concerns.